As the country reeled from the new political turbulence, trade and industry advocated for the urgent adoption of the Charter of Economy (CoE) to prevent any economic calamity.
M Zubair Motiwala, chairman of the Businessmen Group (BMG) and former president of the Karachi Chamber of Commerce and Industry (KCCI), said the recent political developments have caused concern in the commercial and industrial sectors.
“Due to rupee depreciation, dwindling reserves, rising commodity costs, and growing current account and budget deficits, the economy is already in a vulnerable situation. “This political crisis must not last long and must be handled as soon as possible in order to preserve the economy from future problems,” Mr. Motiwala added.
He stated that the KCCI has always requested from governments the introduction and rigorous implementation of a Code of Conduct that has been agreed upon by all political parties in the nation. “Unfortunately, this genuine desire was never taken into account,” he said, “which is the source of all the country’s economic woes.”
Mohammad Idress, president of the KCCI, said the business community is banking on the Supreme Court’s judgment on Tuesday (today). “The government has to correct problems as soon as possible since any delay would wreak havoc on commerce and the economy,” he warned.
The KCCI president cautioned that the economy will be badly impacted by the repercussions of the current political crisis, including increased pressure on the rupee, a stock market meltdown, and persisting unfavorable attitudes among foreign purchasers.
When contacted, Irfan Iqbal Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), voiced great worry about the situation and stated that international and domestic investment in Pakistan would be impossible until the political scenario improved. “Right now, the stock market is down, and the dollar exchange rate has surpassed Rs185.” In order to stabilize the country, the SC must make a judgment as quickly as possible,” he said.
“The present political climate is wreaking havoc on our already-stressed economy.” “The government must comprehend that the EU’s GSP+ status is likely to expire next year,” said Ijaz Khokhar, president of the Pakistan Readymade Garment Manufacturers and Exporters Association.
Meanwhile, Aziz Goheer, Secretary of the Pakistan Textile Exporters Association, stated that the textile sector has benefited much in the previous three years as a result of the government’s constant support and appropriate policies. “Textile exports witnessed an unparalleled rise,” he claimed, despite the limited nature of businesses because to the Covid-19 outbreak.
Naeem Mir, the General Secretary of the All Pakistan Anjuman Tajiran, told press that the marketplaces were abandoned owing to political unrest. He asked the country’s court and political leadership to pull the country out of its dilemma by making a decision that would have a beneficial economic impact.
Anis Majeed, president of the Karachi Wholesalers Grocers Association, anticipated that the Supreme Court will rule in accordance with the law. A fair election, according to the Chairman of the Association of Pakistan Motorcycle Assemblers, Mohammad Sabir Sheikh, may bring peace and unity to the country. He emphasized that a lot will hinge on the Supreme Court’s constitutional verdict today.
To read our blog on “KSE-100 drops by 1100 points due to recent political crisis,” click here.
