President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called for the restoration of stability, certainty, and law and order in the country.
He emphasized that the business, commercial, trade, industry, and economic activities have come to a standstill, and it is crucial to prioritize peace and normalcy for the well-being of the nation.
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Iqbal Sheikh highlighted the concerns raised by major trading partner countries of Pakistan, who have issued cautionary advisories regarding travel, trade, and other business engagements with Pakistan. This development is worrisome and could have negative implications for the country’s trade and industry.
The FPCCI Chief drew attention to the worries faced by overseas Pakistanis, citing a significant drop in workers’ remittances by 29.25 percent in April 2023 compared to the previous year. Furthermore, exports have declined by 26.68 percent in April 2023 YoY. International financial institutions have also downgraded Pakistan’s GDP growth projections, with the World Bank revising it to 0.4 percent, the IMF to 0.5 percent, and the Asian Development Bank to 0.6 percent.
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Iqbal Sheikh emphasized that substantial losses have already been incurred in production processes, trade, and commercial activities over the past two days. The situation has been aggravated by the disruption of internet services, hampering business communication and financial transactions.
The Pakistani rupee (PKR) has experienced a rapid devaluation of 5 percent in less than two banking days, according to inter-bank, intra-day statistics. Industry sources suggest that this trend may continue before stabilizing. The much-awaited IMF deal and Staff-Level Agreement (SLA) still appear to be weeks, if not months, away.
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Reiterating his stance, Iqbal Sheikh called on all political parties to sign an apolitical and neutral National Economic Agenda & Plan, brokered by the business community, for the next 15 years. This measure aims to ensure the continuity of economic policies in the broader national interest and for the benefit of the people of Pakistan.
