Political parties must unveil their manifestos for revival of economy: ICCI

WNAM Report:  Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) said that that less than one month period is left in the next general elections, but most of the political parties have not announced the economic agenda of their election manifesto as yet, which is very important to guide the voters in electing the next government. He urged that all political parties should unveil the economic agenda of their election manifesto for the revival of the economy that would provide a direction to the business community and the investors and help them finalize their short and long-term business and investment plans for the country. He said this while talking to a delegation of traders and industrialists during their visit to ICCI. Khalid Iqbal Malik Group Leader ICCI, Khalid Javed, Zafar Bakhtawari & Nasir Khan former Presidents ICCI, Rafat Farid and others were in the delegation.
Ahsan Bakhtawari said that the economy of Pakistan is facing many big challenges as the external debt has exceeded US$ 124 billion by June 2023, the power sector circular debt has crossed Rs.2.3 trillion, the inflation rate surged to over 39 percent in 2023, which has drastically reduced the purchasing power of the common man and reduced the growth of business activities. He said that the SBP’s high policy interest rate of 22 percent has crowded out the private sector from credit as the private sector’s borrowing from banks tumbled to Rs. 208 billion in FY 23 from Rs.1329 billion in FY 22. Due to this situation, the expansion of existing businesses and new investment has become very difficult.
He said that the high energy tariff in Pakistan has made the exporters uncompetitive in the international market due to which Pakistan’s exports during 11 months of FY 2022-23 remained around USD 30 billion while the exports of Bangladesh in FY 2022-23 exceeded US$ 64 billion.
ICCI President said that the UN’s World Economic Situation and Prospects Report for 2024 has also projected that the economy of Pakistan is confronted with many challenges, including inflationary pressures, currency depreciation, and high levels of sovereign debt.
Ahsan Bakhtawari said that all political parties should announce the economic agenda of their election manifesto to address these challenges and revive the economy, which will help the voters including the business community to see which party offers them the best solutions to address the economic issues and put Pakistan on the path of sustainable economic growth.