Karachi, February 26, 2024 – In a landmark development aimed at improving the working conditions and protecting the rights of domestic workers, the Employers Federation of Pakistan (EFP) has introduced a comprehensive Code of Conduct.
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Employers demand urgent steps to avoid economic crisis
KARACHI: Ismail Suttar, President of the Employers’ Federation of Pakistan (EFP), has requested the Prime Minister Shehbaz Sharif and the Federal Minister for Finance and Revenue Miftah Ismail to take urgent steps to avoid a national crisis due to Pakistan’s worsening Balance of Payments (BOP) position.
Without the timely adoption of such measures, Pakistan will face dire consequences in the very near future.
READ MORE: Employers criticize increase in key policy rate
In a statement, EFP president said that rising debt repayments and constantly increasing import payments are fuelling Pakistan’s BOP crisis. Pakistan’s current monetary imbalance has been caused by an excessive rate of credit creation.
Ismail Suttar said: “The country’s imports have surged to $65.5 billion (FY 2021-22) in comparison to $44.7 billion (FY 2020-21) in the previous financial year. In the 2021-22 financial year, Pakistan recorded $26.2 billion in exports. One of the main reasons for incurring such a deficit is Pakistan’s heavy reliance on petroleum product imports. The ongoing war between Russia and Ukraine has further caused commodity prices to skyrocket which is why Pakistan needs to plan ahead as the economy cannot sustain such costs any longer.”
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He further said that due to increasing demand, Pakistan’s energy import bill has nearly doubled to $14.81 billion in the current financial year as compared to $7.55 billion incurred in the previous year. This BOP deficit is causing a huge strain on the economy leading to an inefficient use of Pakistan’s already limited foreign reserves. Due to this widening gap in the BOP, it is imperative for the Government of Pakistan to implement monetary and fiscal policies that will help reduce aggregate expenditure in the economy.
“One such measure is to introduce policies that discourage the use of petroleum products. Such a policy can be in the form of an increase in the prices of petroleum products, imposing an import quota on petroleum products or even introducing laws that restrict the amount of petroleum products an individual can consume”, he said.
Ismail Suttar was of the opinion that the Government of Pakistan should actively work on a comprehensive electric automobiles policy to encourage the use of alternative sources of energy to petroleum. Another measure is that the Government of Pakistan should impose a temporary ban on the import of luxury/non-essential goods such as luxury cars until we are able to substantially improve our BOP position. Another measure is the Government of Pakistan should provide incentives/subsidies to companies involved in export as this would help in making our products more competitive in the international markets, thereby resulting in a better BOP position due to an increase in exports.
The EFP president added that the Government of Pakistan should act immediately and implement such measures instead of shying away due to public uproar/disapproval as without such measures Pakistan is heading for an economic crisis of epic proportions. The State Bank of Pakistan’s (SBP) reserves currently stand at an estimated $10.499 Billion. These reserves are depleting at an accelerated pace due to debt repayment, high inflation and weakness of the Pakistani Rupee. Piling on more debt may give temporary relief, however will cause added pressure and push Pakistan deeper into the debt-trap.
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EFP organizes women empowerment seminar in Dubai
The representative body of Employer’s in the region, the Employer’s Federation of Pakistan (EFP) has organized its Women Empowerment Seminar in the Dubai Expo 2020- Pakistan Pavilion.
The purpose of the imperial event, is to showcase the success stories of different Female Entrepreneurs in the region of Pakistan that have inspired and empowered many to stay committed to their core goals.
EFP in its advocacy for women entrepreneurship and inclusion has been actively working for gender-based equality in the industry and supporting female led SMEs.
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Zaki Ahmed Khan, Vice President EFP, in his welcome remarks said that “EFP has been working on different fronts to promote women empowerment in Pakistan. A significant achievement has been the active participation of females in the agricultural sector of Pakistan, particularly in interior Sindh and Punjab region of the area. Today, we share the success stories of different women entrepreneurs who have inspired many”.
The event featured Guest Speakers sessions by Ms. Jehan Ara, Founder and CEO of Katalyst Labs, and Ms. Naila Naqvi, Founder and CEO of Pie in The Sky. The Session covered personal journey of Ms. Naqvi who currently runs one of the largest business chains in Pakistan, while Ms. Jehan Ara shared stories of female entrepreneurs who are changing the startup landscape of Pakistan.
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To recognize and appreciate the contribution made by employers to support inclusion of women in the workforce, EFP also featured corporate success stories of K-Electric and Mobilink Microfinance Bank to promote spirit of responsible practices by corporations.
K-Electric’s Roshni Baji safety ambassadors – Abeera Almas and Zara Afshan were also invited to share their remarkable journey towards leading a massive behavioral shift in the society. The ambassador program is winner of various national and international accolades including the 23rd S&P Global Platts Energy Awards.
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Speaking at the occasion, Ghazanfar Azam, President & CEO MMBL said, “We strongly believe women’s participation in the formal economy is crucial for Pakistan’s economic progress. That is why we strive to engender an enabling environment where women have both the opportunity and the financial means to grow and prosper. Our customized financial products and services ecosystem and special initiatives such as Women Inspiration Network (WIN) continue to make a difference for women both in and outside our organization”.
Ismail Suttar, President EFP, greatly admired the contribution made by the guest speakers. He further commented that EFP has a crucial role to play to make Pakistan a more progressive economy with high women participation across all sector and industry.
Suttar said, “We cannot move forward if half our population is not active, therefore, the efforts made by EFP are very important and soon we will see how Pakistan will have higher women ratio in workforce because we can’t afford to have only the men to work and earn a living”.
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Mobilink Microfinance Bank gets EFP membership
Mobilink Microfinance Bank Limited (MMBL) has become the first microfinance institution to secure membership of the Employers Federation of Pakistan (EFP).
The EFP is also a member of the International Organization of Employers (IOE) and with its virtue an important constituent of the International Labour Organization (ILO), United Nations from Pakistan.
The EFP membership was awarded to MMBL in recognition of its efforts to promote financial inclusion for all especially enabling individual entrepreneurs as well as small and medium industries in the country, particularly the ones led by women.
READ MORE: Mobilink Bank retains top slot in microfinance industry
The EFP, while notifying about the membership, applauded Mobilink Microfinance Bank’s tireless efforts in scripting Pakistan’s financial growth and recognized its role in revolutionizing the traditional banking system.
It said the bank has led the way in empowering all segments of society, particularly women.
Commenting on the achievement, Ghazanfar Azzam, President & CEO, MMBL said: “We are ecstatic to be the first microfinance bank in the country to become a member of EFP. The achievement comes as a validation of the bank’s extraordinary growth and innovation to lead the country’s microfinance industry while digitalizing its core processes, hence creating an environment conducive to economic growth.
“MMBL, with its diverse portfolio, is not only committed to serving the financial needs of individuals and Small and Medium-sized Enterprises (SMEs) but is also focused on empowering women entrepreneurs through its flagship initiative, Women Inspirational Network (WIN). By becoming a member of EFP, we intend to continue with our leading role in the digital banking landscape and foster economic empowerment for all.”
Also commenting on the development, Samiha Ali Zahid, Chief Human Resources Officer (CHRO) MMBL, said: “MMBL is a market leader for women in finance and it is continuously striving to make Pakistan more inclusive, both digitally and financially.
“We take great pride in being one of the primary pillars of Pakistan’s digital banking ecosystem, where we play a vigorous role in women empowerment; be it through initiatives on financial management or training the female borrowers. This membership is a testament to our passion for promoting women empowerment at all fronts.”
Remarking on the occasion, the President of Employers’ Federation of Pakistan, Ismail Suttar said: “Employers’ Federation of Pakistan welcomes MMBL as our valued member as it upholds such integrity and values which are a major contributor in enhancing the image of Pakistan globally. To continuously work towards creating an environment that is progressive for women and encourage initiatives that not only benefit the economy but inspire the youth to have aspirations, MMBL has played a large role in facilitating aspects such as these.
“Therefore, EFP takes a great sense of duty in showcasing the Government of Pakistan and the international stakeholders the relevance of such associations. In the times to come, we greatly look upon such entities to further promote the soft image of Pakistan, which our Federation also duly aims to acquire.”
In the same context, and to highlight the success stories on women empowerment in Pakistan, EFP will be hosting an event at Pakistan Pavilion, Dubai Expo 2020 on 11th February 2022 with the theme “Women of Pakistan; Leading a Change”.
For many years, MMBL has been facilitating SMEs and women by providing them micro-loans to engage in self-empowering projects, which enables them to generate income and substantiate their earnings. The EFP membership will further enhance MMBL’s role in bringing broad-based socio-economic enablement to individuals and communities nationwide. The bank will be completing 10 years of operations in Pakistan this year.
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Employers criticize increase in key policy rate
Karachi: Employers have strongly criticized the State Bank of Pakistan (SBP) for recent increase in policy rate amid rising inflation.
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Employers flay new tax ordinance
KARACHI: President, Employers’ Federation of Pakistan, Ismail Suttar, has strongly condemned the promulgation of new tax ordinance without consultation of the relevant stakeholders.
The federal government introduced Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated on September 15, 2021 through a presidential order.
In a statement, Ismail while criticizing the Federal Board of Revenue (FBR), termed the move irrational and unwelcoming because most transactions are carried out through post-dated checks, and without a grace period of at least 40 days the business community will not be able to adopt the digital mode.
“It is a total disaster and not the right way to bring the non-compliant sector under the tax net to meet the ambitious target of Rs5.5 trillion tax collection by pounding on the largely compliant corporate sector,” Ismail asserted.
On behalf of the member manufacturers and exporters, the EFP president has appealed for an immediate suspension of the new tax law ordinance until due approval by the industrialists.