Published On: Sun, Apr 15th, 2018
Published in Category: Lahore

PIAF warns inflation over 6% will hurt economic growth

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Lahore: Pakistan Industrial & Traders Associations Front (PIAF) chairman Irfan Iqbal sheikh has warned the authorities that inflation above 6 percent can hurt economic growth in Pakistan and a careful policy is required to keep it in control.

Quoting the data of the central bank, in a joint statement along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Kh. Shahzeb Akram, he stated that inflation below 5.67% may be favourable for economic growth while above 6.05% can hurt growth.

Irfan Iqbal said that the most serious threat to the economy in the new fiscal year would be inflation owing to the high spending of the government, triggering inflation in election year. Rejecting the government plan of approaching the International Monetary Fund for financial assistance once again, he said it would bring a fresh wave of price-hike, as inflation is already hitting due to continuous raise in oil prices and depreciation of local currency.

He said the IMF loan would have devastating effects on the economy, as with more taxes and increased rates of utilities, cost of production would further increase. This will render Pakistani exports uncompetitive in the global market.

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