Senior MQM-P leader Farooq Sattar on Monday urged the government to take strong and unusual steps to deal with the worsening global economic situation, and presented several proposals to provide relief and ensure long-term stability.
Speaking in the National Assembly, he said the world is facing fresh economic uncertainty, including the risk of recession and stagflation.
Referring to a briefing by Petroleum Minister Ali Pervaiz Malik, Sattar acknowledged the challenges faced by the government.
He pointed to public concern over rising fuel prices and said rebuilding trust among people should be a top priority, as higher petroleum costs affect all sectors, including transport and overall economic activity.
Sattar suggested several steps for the government. He called for the immediate removal of the petroleum levy and customs duties on oil imports to provide direct relief and help control inflation.
He stressed the need for long-term economic reforms, warning that an economy growing at only 2-3 per cent cannot handle more shocks.
Criticising heavy reliance on indirect taxes, he said about 67 per cent of taxes are collected from the public, and proposed bringing wealthy groups, including large landowners, into the tax net.
Sattar said petroleum is the backbone of the economy and lowering its cost would benefit all sectors.
He urged policymakers to take bold decisions, saying unusual situations require strong actions. He warned that a delay in reforms could worsen the crisis and increase public difficulties.
Meanwhile, Gohar Ali Khan, chairman of Pakistan Tehreek-e-Insaf, said the government should focus on policies that benefit the public.
He also called for austerity measures and appreciated the response of Pakistan’s armed forces to Indian aggression.