KARACHI: President of the Pakistan Business Forum (PBF) Mian Usman Zulfiqar on Monday described strict adherence to the Constitution as a necessary condition for a bright future, but expressed concerns over the recent increase in the policy rate.
Chaudhry Ahmad Jawad, vice president of the PBF, said that Pakistan has already paid a huge price by making democratic governance and the rule of law subject to beliefs, customs and prejudice. The Constitution cannot help the masses realise their aspirations until it is purged of such aberrations.
“We must understand political stability and the development of trust are essential for restoring the economy. To ultimately benefit the economy, all ideological groups should sign a Contract of Economy.”
He said that political unrest and a lack of trust are two main obstacles that prevent the country’s economy from growing. As a result, even friendly nations are no longer willing to fund our economy because of the political unrest in the country.
Jawad stated that until all political parties sign a Charter of Economy, the issues will not be resolved.
PBF Vice President Ahmad Jawad said, “First think about the economy, then something else,” adding that the business community should be included in the process of formulating policies related to businesses.
He said that the State Bank of Pakistan has made another approach which has taken the strategy rate at 21%. He warns that this could have serious repercussions for the expansion of business and industry. It will have a negative impact on the industrialization process, the expansion of the private sector, and a rapid deindustrialization of the nation.
He said that the PBF believes that the best way to reduce inflationary pressures is to increase domestic production, industrialization, and export growth rather than trying to control inflation.
Vice President Jahanara Wattoo said Pakistan’s current policy rate is already significantly higher than that of other regional economies. This basically means that Pakistan already costs more than other economies in the region to get access to finance, which is essential for expanding trade and industry.
She emphasized the urgent need for a soft image of the country, and she said that all of the country’s chambers of commerce and industry and trade associations would need to collaborate to achieve this goal. The nation’s economic woes do not appear to be going away soon.
In a similar vein, PBF President, Usman Zulfiqar drew attention to the fact that exports are decreasing and that national economic policymaking lacks direction at a time when the nation must take drastic measures to encourage economic growth and alleviate the suffering of ordinary people as well as business people.
PBF officials also requested that the political tensions must be reduced, stability must be promoted, and a more peaceful setting for negotiations and conflict resolution must be created.
We really want a time of quiet and steadiness to consider financial recuperation and to resolve hidden policy centred issues; the PBF added.
Copyright Business Recorder, 2023
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