ISLAMABAD, June 17: The National Traders Alliance on Tuesday demanded that the government should review its decision to withdraw lifeline subsidies under the pressure of international lending institutions.

“The decision will unleash a wave of inflation and unrest that could devastate the already fragile economy,” said Malik Sohail Hussain, vice-president Qaumi Tajir Ittehad Pakistan and a former senior vice-president of Islamabad Chamber of Commerce and Industry at a meeting.

He said the government had decided to withdraw energy subsidy under the pressure of World Bank and IFM in the name of disciplinary measures which can prove fatal to the economy. He said the new government had already started cutting down subsidies on oil, gas and electricity without realising its effects.

“The recent statement regarding consideration of 30 per cent hike in power tariff is a move in that direction dictated by WB and IMF.”

He said the government should not withdraw the subsidies and focus on recovering the looted money worth billions of dollars and waived off loans of up to Rs80 billion and stop getting money from State Bank of Pakistan as reserves have declined to $3.4 billion since July.

The alliance also questioned the wisdom behind slashing the number of defaulters to 300 from 6,000 under controversial measures that gave nothing to the masses but helped the corrupt. He advised the government to ignore the directives of the lending institutions and take decisions in the interest of the masses.

Mr Hussain also called upon the business community and the public to unite for protection of their rights as the government seemed bowing down to the external pressures.—Online