PIBF rejects proposed ‘smart lockdown’

Lahore: The Pak International Business Forum (PIBF) has dismissed the government's proposed "smart lockdown" plans aimed at conserving fuel and easing economic strain, contending that business activity restrictions are an unsustainable fix for the nation's economic woes. Dr Mushtaq Mangat, Central President of PIBF, and Muhammad Ejaz Tanveer, Secretary General, asserted that the business community's top priority is a sharp drop in the prices of petrol, diesel, and electricity.

They emphasized that economic recovery hinges on lowering energy and transportation costs, which are currently making production, transportation, and commerce prohibitively expensive, disrupting supply chains, and exacerbating inflation. PIBF leadership was clear: "The government cannot boost economic activity by limiting it. The true remedy is to reduce the cost of doing business, primarily fuel and electricity prices."

Dr Mangat called for an immediate reduction in petroleum levy and other fees driving up fuel costs, alongside a rationalization of electricity tariffs to aid industry, traders, and consumers. Tanveer warned that a "smart lockdown" could diminish commercial activity, shrink business earnings, and further strain supply chains, while neglecting the root causes of escalating expenses.

He argued that the government should prioritize cheaper energy, lower transportation costs, and heightened economic activity over business restrictions. PIBF implored the government to swiftly cut petroleum levy, lower petrol and diesel prices, and rationalize electricity tariffs to revive industry and trade, alleviate inflationary pressures, and bolster supply chains.