The business community has voiced concern over the emerging political crisis, citing that the economy is already in a fragile state.
In a statement on Monday, Businessmen Group (BMG) Chairman Zubair Motiwala expressed grave concern over the ongoing political turmoil that led to the dissolution of National Assembly.
Economic crisis such as continuous devaluation of currency, declining foreign exchange reserves, rising inflation, widening current account and fiscal deficits amid political unrest “must not be stretched for a longer period and should be resolved at the earliest to save the economy from further deterioration”.
Exports from Karachi, which stood at 54% in the previous year, “has now plunged to 50%”, he underlined.
“The lawmakers, who mostly remain busy dealing with the opposition, hardly have time to look into and resolve the gas issue being faced by the industries of Karachi that has caused 4% reduction in exports this year,” Motiwala lamented.
Other economic indicators were also drifting downwards “due to political uncertainty and the lack of attention”, he added.
Owing to the tumultuous political situation in the country, businesses have reached a standstill as customers have disappeared from the markets and traders have started facing serious liquidity issues.
“People at the helm of affairs must realise that the political issues are hurting the economy so these have to be tackled prudently at the earliest, otherwise, we fear that the already ailing economy will face more challenges and all the efforts made previously to keep the economy afloat will go to waste,” he underlined.
Talking about the Karachi Chamber of Commerce and Industry (KCCI), Motiwala recalled that the chamber on regular intervals demanded the introduction of a ‘Charter of Economy’ by the previous governments.
Published in The Express Tribune, April 5th, 2022.
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