Rupee depreciation, high inflation and oil price hike exposes policy weakness - Press Release issued by Dr. Shahid Rasheed Butt.

Islamabad -- February 01, 2023 (PPI-OT)

Following is the text of press release issued by Dr. Shahid Rasheed Butt

Quote

Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Wednesday said runaway inflation, record retreat of the rupee against the dollar, and oil price hike have exposed the weakness of economic policies. Due to the eroding rupee, wrong policies, and oil price hikes in the international market, the price of oil will have to increase again soon, he said.

Shahid Rasheed Butt said that our so-called economists would have been exposed earlier. if such a severe financial crisis had come a few years ago in the country. He said that if we look at the statements of economic experts in the last two decades, Pakistan should have been the most developed country in the world, but the reality is the opposite.

This shows that these economic experts are actually artists who take loans and give benefits to the elite and comfort the people with reassuring statements. Shahid Rashid Butt said that twenty-three IMF programs prove that the ruling elite is not able to run the country and that only international institutions can do...