Youm-e-Takbir holiday criticised

Business leaders say unplanned holiday disrupts activity, risks investor confidence

KARACHI:

Business leaders criticised the “unnecessary and abrupt” public holiday observed for Youm-e-Takbir, announced by Prime Minister Shehbaz Sharif, citing its detrimental impact on businesses and the national economy. Moreover, the sudden additional holiday has almost a double impact, as all scheduled deals and meetings are put on hold, they said.

Expressing their concerns to The Express Tribune, they stated that businesses were on the verge of finalising their transactions when the sudden announcement was made. They suggested that the government should have either revoked the notification or revised it by declaring a public holiday only for schools instead of closing all government organisations, especially commercial banks.

Economic analyst and CEO of Alpha Beta Core, Khurram Schehzad, highlighted the detrimental effects of an additional public holiday on the economy. He lamented that such holidays disrupt the economic cycle, halting the wheels of commerce.

“With the size of our economy standing at around $375 billion, even a single holiday can result in a loss of $1.1 billion to $1.3 billion annually, impacting the national economy significantly. Moreover, the repercussions of sudden holidays are compounded, as they disrupt planned meetings and deals, leading to further delays,” he said.

Schehzad underscored the potential economic ramifications of sudden holidays on an already inefficient and low-productivity economy. He warned against exacerbating the situation by reducing productivity further, especially considering the rising population and poverty levels. Urging swift action to improve productivity, he stressed the need for competitiveness on a global scale.

Seatrade Group of Companies Chairman Muhammad Najib Balagamwala said like additional holidays on Eid, politicians, bureaucrats and others are playing with the economy. He lamented the lack of productivity among politicians and bureaucrats, who often engage in idle activities instead of addressing important issues. Expressing his dismay, he underscored the detrimental impact of such actions on the economy, labelling it as shameful.

In a similar vein, Nabi Bux Sathio, Senior Vice President of the Sindh Chamber of Agriculture (SCA), vehemently opposed the holiday, deeming it pointless. He criticised government officials for shirking their duties, which not only disgraces taxpayers but also disrupts essential services such as surgeries in public hospitals and legal proceedings in courts. Sathio highlighted the widespread repercussions of such decisions, affecting various sectors across the country.

Moreover, Sathio suggested that people would appreciate the prime minister’s efforts if measures were taken to prevent power outages, particularly during scorching temperatures exceeding 40 degrees Celsius. He underscored the misery caused by frequent power fluctuations and outages, especially in Sindh and other regions, adversely impacting people’s lives.

“Youm-e-Takbir commemorates the day Pakistan carried out successful nuclear tests in 1998. As Pakistanis, we wholeheartedly respect and celebrate this day. However, in today’s challenging times, we cannot afford additional holidays that halt the operations of the private and banking sectors,” remarked Ismail Suttar, President of the Lasbela Chamber of Commerce and Industry (LCCI) and Founding Chairman of the Salt Manufacturers Association of Pakistan (SMAP).

Suttar pointed out the urgency of remaining vigilant and diligent to overcome economic challenges. He stressed that exclusive holidays are no longer feasible, given the current economic turmoil. While the private sector operates tirelessly to sustain the economy, policymakers fail to grasp the severity of the situation. Moreover, Suttar warned that Pakistan is on the verge of default, with exports plummeting and the inflow of dollars delayed. Introducing excessive holidays could expedite the nation’s descent into economic crisis.

Published in The Express Tribune, May 29^th, 2024.

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