The droopy economy remains troubling.

Tariq Yousuf: I am a graduate of science from Karachi University. I am the past president Lasbela Chamber of Commerce and Industry and also the past chairman SITE Association. I am, Alhamdulilah, a successful entrepreneur and have been in the business of textiles for over three decades, contributing to the country's economic development.

PAGE: How would you comment on the current state of the economy of Pakistan?

Tariq Yousuf: The endogenous and exogenous multiple shocks have not only deteriorated real GDP growth from 6.10 per cent in 2021-22 to 0.29 per cent provisional growth in 2022-23 but also skyrocketed the cost of doing business due to the massive rupee devaluation, the surge in policy rate, energy tariff and taxation effects. This resulted in a loss of a whopping $34 billion in 2022-23 despite the population's annual growth rate of 2.55 per cent, according to the PBS Digital Census 2023. This leads to the effective growth rate of negative at 2.26 per cent for 2022-23.

Having said that, Pakistan secured the IMF-EFF programme, amounting to $3 billion for nine months, which was a much-needed breather for the economy. Looking at grave economic challenges, the federal interim government should incentivise domestic investors and fix the energy crisis, control the rupee devaluation against the dollar and create a conducive environment to boost Pakistan's trade and exports to promote industrialisation and restore the competitiveness of the manufacturing sector for sustainable export earnings of the country.

PAGE: What is your standpoint on the inflated electricity bills?

Tariq Yousuf: Pakistan's consumers have been experiencing a historic electricity tariff, which has broken all records and are paying the heavy price of low recoveries, theft and line losses of DISCOs on one hand and monthly, quarterly adjustments and seven various kinds of taxation on electricity bills on the other hand. Pakistan's 10 DISCOs' outstanding losses ballooned to Rs520 billion and the annual cost of electricity theft is staggering to Rs467 billion in 2021-22, and mounting circular debt, crossed over the Rs4 trillion mark. This is unsustainable and should be controlled. Therefore, aggressive campaigns should be launched against electricity theft and targeted action should be initiated. Why should consumers be paying for the theft and unpaid bills for PESCO, HESCO, SEPCO or QESCO where losses are too high? Therefore, the Uniform Tariff Policy needs to be reviewed...