Karachi, September 23, 2022 (PPI-OT):United Business Group (UBG) Patron-in-Chief and Leader of Business Community SM Munir has said that the country’s conditions are not good, the economy is in a very bad condition and the country’s economy is sinking while the difficulties are increasing every day. In a special conversation with the media,

According to the statement released by Gulzar Feroze, Central Spokesperson UBG and #39;s Chief Petron United Business Group Mr. SM Munir said that the economy was running well before the current government, but now the industry is sinking into the swamp, all the looms have been closed in Faisalabad, unemployment is increasing, and exports are decreasing.

SM Munir said that due to the most expensive electricity, the industries are moving towards destruction, the cost of production has increased so much that we cannot even compete with the regional producers. SM Munir further said that K Electric has started load shedding of electricity for 8 hours in the industrial zone of Karachi, the government has taken immediate steps to supply gas to K Electric.

The leader of the business community said that the price of imported goods has become very high due to the continued appreciation of the dollar, the dollar has just touched a high of Rs 240 and looks set to hit a new high of Rs 250 next week.

M. Munir said that it is not right for the dollar to become expensive so quickly, the government and the State Bank should take measures, the current interest rate is at 15 percent and in such a case who will take loans from the banks at 20 percent, how will the country run in such severe difficulties. SM Munir further said that due to the high level of dollar, electricity and gas, the industrial production is being severely affected, due to the decrease in the production of the industry, the government will also get less tax revenue.

Regarding the disasters of the flood, SM Munir said that the flood has caused great destruction in the country, more than 3.5 crore people have been affected by the flood, all these people are unemployed and sitting on the streets.

All the people of the country should step up and help to provide relief goods.
He said that aid is coming to Pakistan from all over the world, many ships of relief goods have arrived in
Pakistan from UAE, while a large amount of goods have also arrived from Saudi Arabia, Turkey and other countries, whatever Relief goods are being sent by other countries, they should be delivered to the deserving people.

SM Munir expressed his surprise that the goods coming for the flood victims are not reaching the victims and it is said that these goods are being hidden in warehouses by the government officials or they are being sold. If found, it should be severely punished.

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United Business Group (UBG)
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