Political Uncertainty and Economic Stability: The Call for Action by FPCCI’s Businessmen Panel
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s Businessmen Panel (BMP) has recently voiced significant concerns regarding the impact of political uncertainty on Pakistan’s economy. In a statement released on a Sunday, Mian Anjum Nisar, the former president of FPCCI and BMP Chairman, articulated the pressing need for the government to adopt proactive measures to address both external and domestic challenges while striving for economic stabilization.
Mian Anjum Nisar emphasized that the private sector, under the aegis of the Pakistan Businessmen Panel, has consistently united against actions detrimental to the national economy. He pointed out that the populace has largely rejected moves by various mafias that have sought to create chaos through unwarranted proposals. These proposals, he argued, are harmful to the national cause and the economic well-being of the country.
In outlining a comprehensive economic agenda, Nisar stressed the importance of a strategic approach to economic development. He called for collaborative efforts from both the government and political parties to foster an environment conducive to economic growth. The BMP Chairman noted that the industry is hopeful for a reduction in political uncertainty, which is seen as a crucial factor for achieving economic stability. This optimism comes amidst rising electricity rates, which have been pledged to the International Monetary Fund (IMF) as part of efforts to achieve full cost recovery, rather than focusing on improving the management of the energy sector.
The transformation of Pakistan’s economy is already in progress, according to Nisar, who acknowledged that structural reforms across various sectors require time and commitment. He highlighted the need for joint action from the government to combat currency smuggling and to address the discrepancies between official and open market dollar rates. While recognizing the government’s initiatives aimed at national betterment, he pointed out that a concerted effort is necessary to navigate the substantial external and domestic challenges facing the economy.
A positive sign of progress is reflected in the narrowing trade deficit, which decreased by 3.6 percent to $1.3 billion. This development has sparked optimism regarding the government’s potential to expand export capabilities and enhance the export market. Nisar reiterated that while the challenges are significant, proactive measures are essential for overcoming them. He also mentioned the establishment of the Pakistan Credit Guarantee Company for Small and Medium Enterprises (SMEs), emphasizing the importance of self-reliance among businesses rather than dependence on subsidies.
Nisar called for substantial reforms within the Federal Board of Revenue (FBR) to improve its performance and contribute to the country’s economic growth. He urged economic managers to focus diligently on implementing these reforms. Furthermore, he praised the caretaker government’s efforts and encouraged consultations with the BMP during the fiscal budget-making process to better support the business community.
Political parties were urged to present clear and robust economic strategies that extend beyond short-term gains. Nisar argued that such strategies should encompass a long-term vision for sustained economic progress. Transparency from political leaders is deemed essential for building confidence among the business community and potential investors.
Turning to the international landscape, Nisar highlighted the necessity for Pakistan to engage actively with the global market. He posited that tapping into international opportunities is vital for unlocking the economy’s full potential. Encouraging businesses to explore and expand their global presence, he called on policymakers in the forthcoming government to create an enabling environment for international trade and investment.
In addressing the issue of currency smuggling and the disparity in dollar rates, Nisar reiterated the government’s commitment to various initiatives aimed at national improvement. He expressed hope that easing political uncertainty would pave the way for economic stability, a sentiment echoed by stakeholders and media pundits alike. The BMP leader affirmed, “We shall continue our efforts for the protection of our community and the countrymen at large, who have been directly and indirectly involved in national economic growth.” He concluded by asserting that the BMP has consistently opposed the interests of mafias that hinder the nation’s progress and adversely affect a significant portion of society.
