Daily Times

The Pakistan Industrial and Traders Associations Front (PIAF) has stated that political uncertainty has rattled the Pakistan economy, asking the government to take proactive measures to encounter external and domestic challenges, besides stabilizing the economy.

In a statement issued here today, the PIAF Chairman Faheemur Rehman Saigol outlined a comprehensive economic agenda aimed at steering the country towards progress. He emphasized the critical need for a strategic approach to economic development, calling for concerted efforts from both the government and political parties.

He observed that industry was expecting to presage easing of all political uncertainty paving the way for economic stability that all stakeholders and associated media pundits insisted would be a key factor in turning the economy around. This in the face of ever-rising electricity rates as pledged to the International Monetary Fund in an attempt to attain full cost recovery (instead of improving the management of the sector as is required).

Faheem Saigol said that the government should be committed to transforming the economy of the country, as the process of transforming the economy is already underway in the country, acknowledging that structural reforms in every sector takes time. He mentioned that the government will have to take joint action to combat currency smuggling and narrow the difference in dollar rates between official and open markets. It is the fact that the government has undertaken various initiatives for the betterment of the country.

The trade deficit narrowed by 3.6 per cent to $1.3 billion, demonstrating positive progress and expressed optimism that the government’s efforts would lead to an expansion in export potential and the export market.

The PIAF leader said that the government would encounter the external and domestic challenges, which are enormous but the government will have to take proactive measures to overcome them. He said that the Pakistan Credit Guarantee Company had been formed for Small and Medium Enterprises (SMEs), emphasizing that the companies had to stand on their own feet and should not rely on subsidies.

He stated that a substantial change should introduce to the FBR to enhance its performance with a view to raise the economic growth of this country. He said that the economic managers should diligently work on reforms in the FBR and ensure their implementation. He praised the efforts of the caretaker government and urged consultations with the BMP in the fiscal budget-making process to facilitate the business community.

Furthermore, he called upon political parties to announce clear and robust economic strategies. He argued that these strategies should not only focus on short-term gains but also encompass a long-term vision for sustained progress. The Chairman emphasized that such transparency from political leaders is crucial for instilling confidence in the business community and investors.

The PIAF Chairman outlined a comprehensive economic agenda aimed at steering the country towards progress. He emphasized the critical need for a strategic approach to economic development, calling for concerted efforts from both the government and political parties.