ISLAMABAD: Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Monday said political and economic instability is making Pakistan a banana republic.
Inflation and instability has reached its peak in the country which has made the life of common man very difficult while the business community is very worried and unable to take important decisions, it said.
Shahid Rasheed Butt said that a dollar was available at Rs152 in May, which was reduced to Rs175 in October, and now it is available at Rs172 in the market because of recent borrowing.
He said that the increased value of the dollar has resulted in a sharp rise in the prices of imported goods and raw materials, while repeated increases in oil and energy prices have been triggering inflation.
He added that the lives of the people have become miserable, as they are no longer able to buy things like wheat, sugar and ghee.
Shahid Rasheed Butt said that remittances increased by 27% on an annual basis in 2020-21, a record during the last 18 years that prompted a misjudgement of the situation and the government increased unnecessary expenditure.