Government’s Economic Measures Lauded Despite Challenges: Business Community and Experts Commend Caretaker Government’s Strategic Success
In the face of various challenges, the caretaker government’s comprehensive economic strategies have triggered significant progress, as evidenced by key indicators and acknowledged by both the business community and economic experts.
Members of the business community and economic experts have highlighted the positive impact of reduced oil prices, exchange rate stability, and the impressive performance of the Pakistan Stock Exchange (PSX) on the country’s economy.
According to statements provided to the Associated Press of Pakistan (APP), experts pointed out that the decrease in petrol prices, from Rs 331.38 in January 2023 to Rs 267.34 presently, is expected to contribute to a decline in the inflation rate. This, in turn, is anticipated to strengthen the exchange rate and foster a more positive trajectory for the PSX, while simultaneously boosting the local market and external sectors of the economy.
Irfan Iqbal Sheikh, President of the Federation Pakistan Chamber of Commerce and Industry (FPCCI), commended the government’s decision to pass on the benefits of the international price drop to both the industry and domestic consumers. Sheikh emphasized the positive impact on domestic industry and internal and external sectors, citing the stability in the exchange rate as evidence of successful government measures.
Ahsan Zafar Bakhtawri, President of the Islamabad Chamber of Commerce and Industry (ICCI), highlighted the potential reduction in inflation due to lower petrol prices, predicting increased market activity. He expressed optimism about the improving economic situation benefiting both the general population and the business community.
Leaders from various chambers of commerce, including Faisalabad, Sialkot, Lahore, Rawalpindi, and Quetta, praised the government’s economic policies for contributing to the reduction in oil prices, stability in exchange rates, and the positive impact on their respective industrial sectors.
Renowned economist Dr. Hafeez Pasha acknowledged the government’s move to reduce oil prices in response to the global market decline, foreseeing positive implications for domestic industries and reduced inflation. He emphasized the significant impact on the country’s economy resulting from progress in the stock exchange and a decrease in the value of the Dollar.
Leaders from the business community, including those from the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Islamabad Chamber of Commerce and Industry (ICCI), Faisalabad Chamber of Commerce and Industry (FCCI), Sialkot Chamber of Commerce and Industry, Lahore Chamber of Commerce and Industry, Rawalpindi Chamber of Commerce and Industry, All Pakistan Textile Mills Association (APTTMA-Punjab), Sarhad Chamber of Commerce and Industry, Quetta Chamber of Commerce and Industry, and Policy Research Institute of Market Economy (PRIME), echoed their appreciation for the government’s economic policies and achievements. They recognized the efforts of the interim setup in advancing economic development and stability.