Daily Times

The All Pakistan Business Forum (APBF) has 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.

APBF President Syed Maaz Mahmood asked the government to take proactive measures to encounter external and domestic challenges, besides stabilizing the economy.

In a statement issued here today, the APBF President said that the private sector leadership under the banner of APBF has always stood firm and united against harmful actions to national economy and the people of the country has not accepted any move by mafias, who were responsible for creating chaos through unnecessary and unwarranted proposals, detrimental to national cause.

He 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).

The APBF Chairman Ibrahim Qureshi 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 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.

He 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.