PIBF Welcomes Govt Austerity Measures, Urges Fuel Price Relief
LAHORE: PIBF welcomes govt austerity measures introduced by the federal government in response to rising petroleum prices, while urging authorities to immediately transfer the benefit of declining international crude oil prices to consumers and the industrial sector.
In a joint statement, Pak International Business Forum (PIBF) Central President Dr Mushtaq Mangat and Central Secretary General Muhammad Ejaz Tanveer said the business community views the government’s steps aimed at reducing expenditures and ensuring fiscal discipline as a positive and timely development.
They noted that the continuous increase in petroleum prices has significantly raised transportation costs, industrial production expenses, and overall business operational costs, placing additional pressure on Pakistan’s already strained economy.
The PIBF leadership observed that crude oil prices in the international market have started declining considerably. In light of this development, they emphasized that the government should ensure that the relief resulting from falling global oil prices is immediately passed on to the public as well as the industrial sector.
They said such a move would help reduce inflationary pressures and provide much-needed support to economic and industrial activity across the country.
The forum further stated that austerity steps such as reducing petrol allowances for ministers and government departments and curbing unnecessary expenditures are commendable and deserve appreciation. However, they stressed that these measures should not remain temporary and should continue until Pakistan’s economic situation stabilizes.
PIBF leaders also urged the government to maintain restrictions on unnecessary foreign visits by officials and ministers and ensure strict control over public spending. According to them, the resources saved through austerity measures should be redirected toward economic revival, export promotion, and strengthening industrial productivity.
PIBF Chief Organizer Muaz Qazi also supported the government’s austerity initiative and emphasized that strict fiscal discipline and responsible governance are essential to restore economic stability. He said the business community stands ready to cooperate with the government for policies that promote industrial growth and economic recovery.
Dr Mushtaq Mangat and Muhammad Ejaz Tanveer emphasized that if the government continues its austerity drive while ensuring timely relief in energy and petroleum prices, it will not only help control inflation but also enable industries to operate more efficiently.
They added that a balanced approach toward fiscal discipline and economic facilitation is vital for sustainable recovery and long-term economic stability in Pakistan.
