ISLAMABAD ( WEB NEWS )
The President of Pakistan Business Forum (PBF), Khawaja Mehmood Ur Rehman, has urged Finance Minister Muhammad Aurangzeb to announce a clear and actionable roadmap for 2025. In a letter written to the Finance Minister, the PBF raised concerns about the economic challenges and stated that 2024 has been the most difficult year for both the business community and the public. The PBF President highlighted that electricity bills and interest rates have severely burdened the business community. Despite another IMF program, the Pakistani rupee failed to strengthen in 2024. At present, Pakistan is not considered a business-friendly country, and it is essential for all stakeholders to come together to address these issues.
The PBF emphasized that it is crucial for the government to take immediate and decisive actions to strengthen the rupee. Without this, efforts to ease the financial burden on citizens, particularly the business community, will remain ineffective. Additionally, the agricultural sector faced significant challenges in 2024, with many farmers unable to recover their production costs. In Punjab, wheat was planted on only 12 million acres, falling short of the target of 16.5 million acres.
The Pakistan Business Forum believes that the country urgently needs the formation of a Charter of Economy, supported by broad political consensus and civil society. This charter should address issues such as public spending, tax rates, and financial stability, and should be created through an inclusive political agreement. PBF suggested that it is in the interest of all major political parties to come together and create consensus policies for the nation’s betterment.
Drawing a comparison with India, the PBF pointed out that India’s economic journey since 1989 has benefited from sustainable reforms and political stability. India has attracted nearly 500 billion dollars in foreign direct investment (FDI) over the last nine years, a sum that matches the total FDI received since its independence. This success highlights the importance of long-term, consistent policies in advancing economic growth.
The Pakistan Business Forum calls on the Ministry of Finance to announce a clear roadmap for 2025, detailing how to address key challenges, such as currency instability, rising energy costs, and business disruptions. It is also crucial, they said, for the government to develop a comprehensive strategy to create a conducive environment for private sector growth, drive economic recovery, and improve the standard of living for all Pakistanis.