‘Rising imports, high petrol prices push economy to critical juncture’

HYDERABAD: The President Hyderabad Chamber of Small Traders and Small Industry, Muhammad Saleem Memon, has warned that rising imports and surging petroleum prices have pushed Pakistan’s economy to a critical juncture. He stated that without immediate and effective measures, the country could face a severe financial crisis. He highlighted that in recent months, imports have nearly doubled compared to exports, leading to a rapidly widening current account deficit. He emphasized that this deficit is primarily the result of unnecessary imports, which, if left unchecked, could prevent the economy from achieving stability. He further noted that ongoing tensions in the Gulf region are likely to drive global oil prices even higher, which would further inflate Pakistan’s import bill and place severe pressure on the country’s foreign exchange reserves. He cautioned that if the situation persists, it could lead to dangerous increases in inflation, unemployment, and industrial challenges. In clear terms, Memon said: “Pakistan is currently facing an economic emergency, and without decisive action, it will be impossible to stabilise the economy.” He called on the government to take immediate steps, including imposing strict restrictions on unnecessary and luxury imports, providing urgent relief and protection to domestic industries, promoting alternative energy sources such as solar power on a national scale, and facilitating easy and prompt financing for small and medium-sized enterprises (SMEs) to boost exports. Copyright Business Recorder, 2026

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