PBF seeks safeguards in 28th Amendment

Calls for fiscal discipline, currency stability as devolution of agriculture, industry fails to deliver

LAHORE:

The Pakistan Business Forum (PBF) has written to leading political figures, including Nawaz Sharif, Bilawal Bhutto Zardari, Maulana Fazlur Rehman and Khalid Maqbool Siddiqui, calling for the inclusion of comprehensive economic safeguards in the proposed 28th constitutional amendment, according to a statement issued on Tuesday.

In its letters, PBF underscored the pressing need for a stable, predictable and long-term economic framework, stressing that frequent policy shifts have hindered sustainable growth and weakened investor confidence.

PBF President Khawaja Mehboobur Rehman stated that the business community is increasingly seeking continuity in economic policymaking to support long-term planning and investment. The forum emphasised that parliament should seize this opportunity to introduce constitutional provisions addressing core economic principles, including fiscal discipline, currency stability and the institutionalisation of long-term economic policies as a fundamental part of the Constitution.

The forum noted that the devolution of these sectors to the provinces under the 18th constitutional amendment has not delivered the intended outcomes.

PBF highlighted that, despite devolution, farmers, industrialists and the broader business community continue to look towards the federal government for direction, particularly in matters related to fiscal policy, the federal budget and national incentives. At the same time, provinces often lack the capacity or authority to provide meaningful relief or cohesive policy direction in these critical areas.

The forum strongly recommended that agriculture and industrial policy frameworks either be brought back under federal jurisdiction or be governed through a robust constitutional mechanism ensuring national policy coherence and uniformity across provinces. Such measures, PBF noted, would reduce uncertainty, align stakeholder expectations and create a more conducive environment for investment.

The forum further cautioned that overlapping and, at times, conflicting federal and provincial regulations continue to create barriers for new investment, contributing to what it described as "jurisdictional confusion" in economic governance.

Rehman expressed hope that parliamentary leadership will give due consideration to these proposals and utilise the 28th amendment as an opportunity to introduce meaningful economic safeguards and establish a clear, long-term policy direction for the country.