ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) on Friday urged political parties to disclose the economic agenda outlined in their election manifestos. This call is seen as a crucial step towards the economic revival necessary for achieving sustainable economic growth and prosperity.
The trade body said that unveiling such an agenda would provide much-needed guidance to the business community and investors. It would enable them to finalize their short and long-term business and investment plans for the country.
In discussions with a delegation comprising traders and industrialists, President of ICCI, Ahsan Zafar Bakhtawari, highlighted that with less than one month remaining until the upcoming general elections, most political parties have yet to announce the economic agenda of their election manifestos.
Bakhtawari underscored the significant economic challenges faced by Pakistan, citing the external debt exceeding US$124 billion by June 2023, the power sector circular debt surpassing Rs2.3 trillion, and an inflation rate exceeding 39 percent in 2023. These factors have adversely impacted the purchasing power of the common man and hampered the growth of business activities.
Referring to the UN’s World Economic Situation and Prospects Report for 2024, Bakhtawari pointed out that Pakistan’s economy is confronted with challenges such as inflationary pressures, currency depreciation, and high levels of sovereign debt.
He urged political parties to promptly announce their economic agendas in their election manifestos to effectively address these challenges, revive the economy, and provide voters, including the business community, with a clear understanding of each party’s proposed solutions for economic issues, ultimately steering Pakistan towards sustainable economic growth.
