Political parties urged to show economic manifestos

HCCI president expresses concern, says pre-election uncertainty shows immensity of challenge

KARACHI:

Hyderabad Chamber of Commerce and Industry (HCCI) President, Adeel Siddiqui, voiced apprehensions regarding the 2024 general elections in Pakistan, stating that no political party has presented a viable solution to the economic crisis, leaving voters in a state of confusion. In a statement released on Tuesday, Siddiqui expressed concern about the significant challenges awaiting the newly elected government, particularly in managing the mounting debt and fiscal deficit.

Highlighting the volatility in foreign exchange reserves, Siddiqui acknowledged the caretaker government’s adept handling of the crisis. However, he questioned whether the incoming government would successfully maintain the continuity of the caretaker administration’s policies.

Siddiqui underscored the pressing issues of the ongoing energy crisis and the persistent circular debt, underscoring the caretaker regime’s goal of achieving 60% energy production through alternative sources. He urged the future government to review and reform agreements with independent power producers (IPPs) and prioritise electricity production from alternative energy resources. Additionally, he called for a comprehensive review of electricity tariffs to support industrial sector growth and enhance competitiveness in exports.

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Highlighting the rapidly evolving global landscape, Siddiqui noted the shift in conflict arenas from traditional battlegrounds to communication and economic fronts. He stressed the importance of a strong economy in establishing a country as a global power.

Advocating for a truly democratic political model in Pakistan, Siddiqui urged the implementation of checks and balances as a priority in all legislative processes. Meanwhile, he pointed out positive strides towards economic stability after a recent downturn, citing the role of the caretaker regime and the Special Investment Facilitation Council (SIFC).

Siddiqui highlighted that foreign direct investment reached $1,455 million in 2022-23. However, during the caretaker regime and SIFC’s efforts, it amounted to $1,066 million within a six-month period. Despite a decline in foreign exchange reserves to $9 billion, careful management has seen these reserves rise to $13.256 billion, strengthening Pakistan’s rupee.

Published in The Express Tribune, January 31^st, 2024.

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