Withdrawal of power sector subsidy will dwindle exports: Irfan Iqbal Sheikh - Press Release issued by Federation of Pakistan Chambers of Commerce and Industry.

Karachi -- March 06, 2023 (PPI-OT)

Following is the text of press release issued by Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

Quote

Mr. Irfan Iqbal Sheikh, President FPCCI, has forewarned that the abrupt withdrawal of power sector subsidy to appease IMF is set to decrease exports even further; which have already in decline for the last 6 months consecutively, i.e. August 2022 - February 2023 as per the numbers released by Pakistan Bureau of Statistics (PBS).

Mr. Irfan Iqbal Sheikh added that, as per the latest statistics, Pakistani exports have declined by a hefty 18.67 percent in February 2023 on a YoY matrix from $2.83 billion in February 2022 to $2.31 billion in February 2023; whereas, the government is not willing to accept the ground realities and trying to make us believe that the decline is merely in the vicinity of 10 percent.

Mr. Irfan Iqbal Sheikh mentioned that the aforementioned power subsidy had to end by June 2023 with a tangible possibility of renewal or renegotiation. However, the government has withdrawn it in the most harmful manner to the export-oriented industries. FPCCI Chief apprised that textiles and its allied products have the lion's share in the country's exports and they have achieved the number of $19.3 billion exports in FY22 through their sheer hard work, entrepreneurship, competitiveness...