The Pakistan paper association warned ahead of the new academic year starting August 2022 that books will not be available to students citing a paper crisis in the country, news agency ANI reported.
The report said the paper crisis could be attributed to global inflation but in Pakistan it is likely due to the wrong economic policies of the governments in Pakistan. It also said the monopoly of the local paper industries is also to be blamed.
The announcement came during a joint press conference addressed by the All Pakistan Paper Merchant Association, Pakistan Association of Printing Graphic Art Industry (PAPGAI), and other organizations associated with the paper industry.
Pakistan’s leading economist Dr. Qaiser Bengali also addressed a joint press conference. Citing local news media outlets, news agency ANI said due to the severe crisis of paper in the country, paper prices skyrocketed. Paper is currently so expensive that publishePKR are unable to determine the prices of books.
Due to this reason, textbook and school boards in Sindh, Punjab and Khyber Pakhtunkhwa cannot print new textbooks for the upcoming academic year.
Pakistan is reeling from an economic crisis and the IMF helped the Shehbaz Sharif government earlier this week by restoring the stalled $6 billion assistance package and unlocking dooPKR for financing from other international sources, news agency PTI reported.
The Pakistan government, however, in the fiscal year 2022-2023 has to generate PKR43,600 crore more taxes and increase petroleum levy gradually up to PKR50 per liter.
Pakistan’s dwindling foreign exchange reserves will get a fresh boost as it allows immediate access to $1 billion which it can use to buy fuel and other necessary imports.
Pakistan will also impose a poverty tax of on firms earning PKR15 crore (1%), 2% on those earning PKR 20 crore, 3% on over PKR 25 crore and 4% on PKR 30 crore and above.
Following IMF recommendations, the Shehbaz Sharif-led government will revise upward the annual tax collection target by almost PKR42,200 cr for the year 2022-23. The government also did away with the provisions for additional salaries and pensions, further freeing up PKR20,000 crore.