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High level committee

to reduce inflation

rate formed: Sindhu

LAHORE: Inflation has become an unavoidable factor in the economy and to maintain zero inflation rate was very difficult due to various economic factors.

This was stated by Punjab Finance Minister Muhammad Afzal Sindhu while inaugurating one day conference on "Inflation and its control" organised by a monthly 'The Development Times' with the cooperation of Punjab Union of Journalists here at local hotel on Saturday.

The Minister said that inflation was something unavoidable but rising inflation rate, particularly double digit inflation rate was a matter of great concern which should be given due attention to streamline the national economy.

He said that a high level committee has been constituted by the federal government to recommend ways and means to reduce the inflation rate.

The Minister hoped that the experts participating in the conference will prepare useful recommendations for the guideline of the government to help reduce the inflation rate.

Dr. Munir ud Din Chugtai, former Vice Chancellor of Punjab University said that both long term and short term policies should be adopted to control inflation.

Instead of taking ad-hoc measures, the government should chalk out comprehensive policies so that the investment could be streamlined and the rising inflation rate could be brought under control, he added.

Mian Fazal Ahmad, Convenor organising committee of the conference and Chief Editor monthly The Development Times in key note address, said that inflation was infact an upward movement in the average level of prices.

He said that increased budget deficit, debts re-scheduling were the direct impacts of rising and uncontrolled inflation which upsets the macro economic situations adversely in developing countries.

The major factors affecting inflationary system in a developing economy are the international prices of goods and services, local tax and duty structure, industrial and agricultural productivity governed and state's expenses levels especially of unproductive type.

In the other technical sessions, papers were read by Sheikh Waheed ud Din Senior Vice President LCCI, Dr. Shaukat Naizi Chief of International Economies, Planning and Development Division, Khizer R. Qureshi, Tariq Hamid, Former President LCCI, Dr. Khawaja Amjad Saeed former Pro-Vice Chancellor Punjab University and Dr. Gulzar Ahmad Gill, Assistant Professor Government College Lahore.-APP