The Pakistan International Business Forum (PIBF) on Tuesday welcomed the austerity measures taken by the government of Pakistan in response to rising oil prices, while urging the authorities to immediately convey the benefits of lower crude oil prices in the international market to consumers and the industrial sector.
Lahore (Urdu Point Network, March 10, 2026) The Pakistan International Business Forum on Tuesday welcomed the austerity measures taken by the government of Pakistan. Pakistan In response to the rise in oil prices, while urging the authorities to immediately take advantage of the decline in crude oil prices Prices In the international consumer and industrial market.
Sharing their views on the austerity measures with the media here, PIBF Central President Dr Mushtaq Mangat and Central General Secretary Muhammad Ijaz Tanveer said while sharing their views on the austerity measures with the media here: a job The community considers the steps taken by the government to reduce expenditures and ensure financial discipline as a positive development. They pointed out that the rise in oil prices raised the cost of transportation, industrial production, and comprehensive commercial operations, which imposed additional pressure on the national economy.
They noticed that crude oil prices in the international market began to decline significantly. In light of this development, they stressed that the government must ensure that the relief resulting from the decline in global oil prices is immediately transferred to the public as well as to the industrial sector.
Such a move would help ease inflationary pressures and provide much-needed support to economic and industrial activity, they said.
The PIBF leadership stated that austerity measures such as reduction gasoline The allocations to ministers and government departments and the reduction of unnecessary expenditures are commendable and should be appreciated. But they stressed that such steps should not remain temporary, but rather should continue until the economic situation in the country improves and stabilizes.
They also urged the government to continue restrictions on non-essential foreign trips and other expenditures to ensure public spending remains under tight control. They suggested that the saved resources should be directed towards economic revitalization, export promotion and enhancing industrial productivity.
Dr. Mushtaq Mangat and Muhammad Ijaz Tanveer emphasized that if the government continues its austerity drive while ensuring timely relief in energy and oil prices, it will not only help in controlling inflation but will also enable the wheels of industry to move at a faster pace, which is vital for the sustainable recovery of Pakistan’s economy.