Islamabad, October 31, 2022 (PPI-OT):Former Vice President of FPCCI Atif Ikram Sheikh on Monday said the country can face a humanitarian crisis due to political chaos and economic downturn. The economy is going down because of uncertainty and the confidence of the business community is being affected, he added. Atif Ikram Sheikh who has also served as Chairman PVMA said that the reason for the latest wave of inflation in the country is political instability.

The price of everything is skyrocketing and the prices will not decrease but will increase unless the political situation is improved, he added. He said that the price control system is dysfunctional as usual due to which people are facing more problems. He said that some politicians are becoming bitter and trying to meet the demands through protests, which is affecting the confidence of the business community, the effects of which can be seen in the form of a fall in the stock market.

He said that according to the latest statistics, the overall inflation has reached 68.30% with an increase of 13.4%. Such reports are made in the offices which do not correspond to the facts on the ground and amount to throwing dust in the eyes of the public and the facts on the ground are very different. The government can reduce inflation by slashing current expenditure which would reduce the money in circulation, dampen inflationary pressures and create some leverage with the IMF to renegotiate some of the harsh upfront conditions.

For more information, contact:
Atif Ikram Sheikh
Ex. Chairman PVMA, Former VP, FPCCI,
Former President ICCI, Former President HCCI,
Tel: +92-51-4437597, 4440772
Fax: +92-51-4440773