It is noteworthy that the entire business community in Pakistan presently refrains from endorsing the extension of the caretaker government’s tenure, despite recognizing the improved economic governance under Prime Minister Anwaarul Haq Kakar.
The business community unanimously advocates for timely elections and a peaceful transfer of power to the next democratically elected government, emphasizing the importance of stability and progress.
The current government’s efforts to combat smuggling, control power theft and line losses, and boost investor and consumer confidence have received praise from various private-sector forums.
While concerns persist regarding high taxes, utility rates, and credit issues, the economic outlook appears less bleak than before, thanks to relative stability in the currency market, an upswing in the capital market, and sustained financial inflows from donors and some overseas investors.
A shift in the private sector’s preference for lawfully elected governments over military rule is evident. However, the exact reason for this change remains uncertain.
Several past presidents of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) have distanced themselves from any suggestion of extending the current government’s tenure, stressing the importance of democracy and timely elections.
Leading industrialists from various regions, including Mian Nasser Hayat Magoon, Chaudhry Muhammad Saeed, Arif Habib, Majyd Aziz, and Badruddin Kaker, have emphasized the need for timely elections and dismissed rumors of extending the current government’s term.
Ehsan Malik, CEO of the Pakistan Business Council, has expressed support for comprehensive reforms under a government with a five-year mandate, stating that the caretaker government has set the country on the right path.
However, the secretary-general of the Overseas Chamber of Commerce and Industry has refrained from commenting on the issue.
Musadaq Zulqarnain, a respected businessman, has opposed any unconstitutional measures, citing historical evidence that unelected governments have exacerbated economic and geopolitical challenges in the past.
During a recent meeting in Islamabad, discussions primarily centered around electricity and gas supplies and pricing, with no mention of elections or potential delays.
Sindh Governor Muhammad Kamran Khan Tessori facilitated the meeting, which underscores the significance of these discussions within the business community.
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