KARACHI, April 30: The business community has expressed sense of despair over the lingering political uncertainty even after the formation of the new coalition government. They regretted the fact that the elected government had focused on political issues rather than paying attention to reform the economy.
The businessmen said that the government has yet to give out a plan how it intends to resolve issues related to rising cost of production on account of surging power and gas rates, oil prices and raw material prices. Besides, no serious efforts are being made to check the upcoming flour crisis and meteoric rise in food prices.
Site Association of Industry chairman Nisar Sheikhani said that the political upheaval had gripped the nation since the new government assumed power and till today judiciary issue (restoration of judges) has been a focal point rather than issues of rising prices of food items and inflationary trend in other items that lead to higher cost of production.
He said Finance Minister Ishaq Dar had simply shifted the onus of current economic meltdown to the previous government but he had yet to come out with a solution how to control the trade deficit, food inflation, and rising utility charges etc.
“There is no economic stability in the country despite the formation of a new coalition government,” he said adding that foreign buyers had already suspended their visits to Pakistan owing to uncertain political and economic situation.
Vice-president Federation of Pakistan Chambers of Commerce and Industry Zubair Tufail said that a free judiciary is no doubt a big issue but it is not bigger than the economic problems being faced by the common man, which are getting worst owing to hovering food crisis and higher prices.
The government, he said, should resolve the political crisis immediately so that a peace of mind can prevail paving the way for economic development.
Korangi Association of Trade and Industry chairman Shaikh Fazal-e-Jalil feared that if one of the coalition partners withdrew, it would lead to serious political disaster.
“Officials responsible in the concerned ministries are not listening to the problems being faced by the industrialists. They are more involved in the internal politics these days,” he said. Mr Jalil said adding that large scale political transfers in government departments are also creating problems for the business community in establishing a liaison with them.
The government should sit with the business stakeholders and find out a solution for issues relating to burgeoning trade deficit, falling exports, rising food prices, increasing utility bills and flour crisis.
F.B. Area Association of Trade and Industry chairman Idris Gigi said the government should endeavor hard in resolving the judiciary crisis so that other issues hitting the consumers and industrialists could be handled immediately.
Exporters have been reluctant in taking big orders and relying on small orders because of rising prices of raw materials.
