Daily Times

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Businessmen Panel (BMP) on Sunday placed significant responsibility on the government to pursue reforms for long-term stability, as with continuous hike in cost of production in the country, what the Pakistan’s economy really needs is persistent and sound economic management. The FPCCI former president and BMP Chairman Mian Anjum Nisar said asked the authorities for undertaking economic reforms and improving the regulatory environment for better Ease of Doing Business level to boost foreign investment so that financial stability can be achieved in the long-run, warning the government that extensive borrowing is unlikely to put the country’s economy back on track. He said that Pakistan’s industry had been harmed by the high cost of doing business, which discouraged investment in capac­ity and capability and called for easing the burden of heavy taxes on the power sector. Mian Anjum Nisar stated that the constant increase in power tariffs on the pretext of fuel adjustment had increased electricity prices and added to the already high cost of trade and industry. Seeking compara­ble energy tariffs for domestic industries in order to capture the global market, he stated that due to high electricity rates, power theft became rampant as the tariff was unaffordable to consumers. Pakistan had reached agreement with the IMF for the 37-month loan, the 25th since 1958. The government has hailed the decision, insisting that the government was committed to implementing reforms demanded by the deal. He said he also hoped that this would be Pakistan’s last IMF program. Economic analysts said that while Pakistan has stabilised after a prolonged period of volatility, much work needs to be done.