Islamabad: As the rupee continues taking massive hits against the US dollar, forex reserves deplete day by day, and the fears of an economic default engulf Pakistan, the Pakistan Business Council (PBC) has urged political parties for a cross-party consensus and called them to wake up and act now.
The PBC said that the survival of the country’s solvency and sovereignty was at stake, and this was the time when all political parties needed to be on the same page.
1/ If there is ever a time when ALL political parties need to UNITE, it is NOW. The survival of the country’s solvency and sovereignty is at stake. There are now no alternatives to IMF and ALL parties must commit to it. BUT…/2 @president_pmln @ImranKhanPTI @BBhuttoZardari
— The Pakistan Business Council (@ThePBC_Official) July 20, 2022
Regarding the importance of the deal with the IMF, the PBC maintained that there were now no alternatives to IMF. Therefore, all parties must commit to it.
Read: Pakistan, IMF reach agreement
However, the IMF would only “help us survive, not thrive”. To thrive, we need cross-party consensus on at least a 5-year programme of fundamental reforms, including taxes, NFC, energy, SOEs, agriculture, water and exports.
2/The IMF will help us survive, not thrive. To thrive, we need cross-party consensus on at least a 5 year programme of fundamental reforms: Taxes, NFC, Energy, SOEs, Agriculture, Water and Exports. That leaves many areas where parties can differ, BUT not on these essentials…./3
— The Pakistan Business Council (@ThePBC_Official) July 20, 2022
Political parties may differ but on the above-mentioned essentials.
It underlined the need for all parties to “unite on a National Economic Agenda”.
“Unless ALL parties unite on a National Economic Agenda, the economy will remain in a free fall. Those at the bottom of the pyramid will suffer the most. Wake up! Act NOW to save the country,” the PBC stated in categorical terms.
3/Starved of essential imports, industry stands on the verge of closures and layoffs. Unless ALL parties unite on a National Economic Agenda, the economy will remain in a free fall. Those at the bottom of the pyramid will suffer most. Wake up! Act NOW to save the country.
— The Pakistan Business Council (@ThePBC_Official) July 20, 2022
