The business community fears more instability and economic whirlwinds will ail Pakistan after last week’s contentious General Elections failed to provide any form of clarity.
The looming prospect of an incoming government struggling to navigate the country’s economic challenges per IMF conditions is holding the sector at gunpoint. CEO Pakistan Business Council (PBC) Ehsan Malik articulated widespread apprehension among businessmen, highlighting the need for critical reforms that should have been initiated long ago.
The PBC executive told Dawn News that these reforms are now non-negotiable under a next potential IMF program. He underscored the urgency for the new government to negotiate a comprehensive bailout with the lender.
Malik also cautioned against repeating past mistakes, citing concerns over inflation and the imperative of fiscal discipline. He noted the absence of privatization and the challenge of broadening the tax base in political agendas, emphasizing the necessity for tough decisions and collaborative efforts between all parties to address these pressing issues.
Separately, former President Federation Chamber of Commerce and Industry (FPCCI) Zubair Tufail lamented the prevailing political environment following Thursday’s elections. He called for a broad-based national government to steer the country out of its economic woes, advocating for unity among all stakeholders.
Johar Qandhari, president of the Korangi Association of Trade and Industry (KATI), emphasized the urgent need for a concentrated focus on the economy, advocating for the implementation of a long-term economic policy to create employment opportunities and enhance industrial competitiveness.
Petroleum and CNG industry leader Malik Khuda Bakhsh called for political unity to ensure the country’s stability and development, particularly amid uncertainties surrounding Pakistan’s external debt obligations in the coming months.
local business to warh giya.!! No money, no honey.