HYDERABAD: Hyderabad Chamber of Small Traders and Small Industry has called for imposition of economic emergency in the country to rid Pakistan of unprecedented price hike and urged the government to immediately appoint governor to the State Bank of Pakistan to take timely measures for the revival of economy during the emergency.

The chamber’s president Altaf Memon said in a statement issued here on Saturday that political instability had weakened foundations of the country’s economy and exacerbated economic unrest.

He said that dollar’s exchange rate increased by Rs8 within a day due to involvement of bookies but there was no clear policy in sight to control this situation.

He said that according to Asian Development Bank (ADB) report on January-June outlook, price hike in the country had increased by 12pc to 21pc within six months. It was the highest in Asia after Sri Lanka, which was witnessing 45pc of price hike and rendered Sri Lanka’s state bank bankrupt. India had 7pc, Bangladesh 7.4pc and China had 2.5pc price hike, he said, adding the situation indicated Pakistan was heading for a default.

He demanded that economic emergency should be declared to rid the country of price hike. The federal government should appoint governor to the State Bank of Pakistan so that he could impose economic emergency and take measures in time.

He said the government should not link economy’s revival with political instability that was currently witnessed. If the government did not take timely decisions then Pakistan would face Sri Lanka like conditions and might face default, he warned.

Published in Dawn, July 24th, 2022