KARACHI: The United Bu­­siness Group (UBG) — a group of influential businessmen — has claimed that Army Chief Gen Asim Munir was asked by the business community to take steps to redu­­ce inflation as well as measures to put an end to smuggling.

Addressing a press conference at the Karachi Press Club on Wednesday along with other office-bearers of the UBG, its President Zubair Tufail briefed the media about the details of the meeting between the business community and the army chief last week.

In addition to seeking representation on the newly formed Special Investment Facilitation Council, members of the bloc also sought action against Independent Power Producers (IPPs).

“All the owners of IPPs should be banned from going out and the names of all domestic and foreign owners of the IPPs should be put on the exit control list. The government is renewing the soon-to-be-expired contracts with IPPs so that the nation can get rid of the looting of IPPs,” he said.

UBG office-bearers want IPP owners placed on ECL, say they asked army chief to bring down food prices

The UBG president said that institutions have to play a role in stopping the smuggling of wheat and sugar, as the “shortage of anything in Afghanistan is not our problem”.

Mr Tufail said that currently, a small family with two children cannot survive on Rs50,000, and the traders who are also involved in increasing this inflation, should stop their steps.

He termed the price hike of up to Rs180 per kg in sugar unjustified amid available stocks of 1.8m tonnes in the country which are enough for three and a half months.

“Essential items like sugar and wheat are being smuggled to Afghanistan, putting extra pressure on the local prices, while chemicals, steel bars, clothes, and fibres are also arriving in huge quantities from Iran through informal channels,” he said.

“The entire nation is now facing a lot of difficulties at the moment due to rising prices of food items as a result of rupee depreciation. The difference between the interbank and open market is very high,” he added.

According to the businessman, the meeting with the army chief has started yielding positive results and a crackdown was also started to prevent smuggling.

UBG Central Spokesman Gulzar Feroz said that on the rising price of electricity, the army chief’s position was that it was due to the conditions of the IMF.

UBG Secretary Hanif Gohar said the institutions concerned were responsible for the increase in the prices of food items and products.

He demanded the representation of the business community in the SIFC, saying the private sector has an important role in the country’s economy.

Published in Dawn, September 7th, 2023