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ISLAMABAD, Mar 08 (APP):Senior Vice President of the Pakistan Business Forum (PBF), Amna Munawwar Awan on Saturday that the ongoing efforts of the Special Investment Facilitation Council (SIFC) playing a pivotal role in stabilizing Pakistan’s economy and promoting investment.
Talking to APP, Amna Munawwar Awan said I have every reason to appreciate the strides made by SIFC due to their continuous engagement with the business community, which is a clear indication that they are working closely with all stakeholders,” Awan said. “This level of collaboration should be a model for policymakers and institutions that often overlook the vital input from the business sector.”
The PBF’s SVP also acknowledged the critical contributions of Chief of Army Staff General Asim Munir, whose practical measures to stabilize the national economy have garnered significant attention. His success in curbing the rising dollar rate bringing it down from Rs343 to Rs278 was a critical milestone in restoring public confidence and stabilizing the economy.
“The reduction in the dollar rate by 21 percent is a significant achievement. We hope to see further progress in this regard,” Awan added.
She further says PBF, as an advocacy body for industry, commerce, and economic development, continues to provide valuable recommendations to the relevant forums. Through its advocacy, the PBF has seen notable successes, such as a reduction in the markup rate, with expectations of it reaching single digits soon. They also helped raise concerns regarding Independent Power Producers (IPPs), resulting in the cancellation of several contracts and the reduction of electricity costs.
However, she expressed concern about the lack of involvement of business representatives in policymaking processes. She stressed that to ensure sustainable economic growth, it is essential to address the black economy and halt artificial economic measures like the excessive printing of currency notes.
“As of June 2024, the total volume of currency in circulation in Pakistan stood at Rs9,153 billion. The excessive printing of money has exacerbated inflation and other economic challenges,” she stated. “If the government ceases artificial economic measures and implements a policy to eliminate high-denomination currency notes, it could help curb the black economy worth Rs30 trillion.”
PBF Senior Vice President further pointed to the critical issue of under-invoicing of imports from China, which she estimates causes Pakistan a loss of $6 billion annually. This practice, she believes, needs strict regulatory oversight to optimize national resources.
The agreements recently signed between Pakistan and the UAE are a positive step forward, but Amna stresses the need for Pakistan to secure similar trade agreements with Qatar and other countries to further strengthen its economy. Importantly, she cautioned that trade agreements must be mutually beneficial, avoiding unilateral advantages for other nations.
Turning her attention to state-owned enterprises like Pakistan Steel Mills and Pakistan Railways, she called for structural reforms to address bureaucratic inefficiencies. She noted that these institutions, which have suffered from inefficiencies over the years, need to be revived to make meaningful contributions to the economy.
She also stressed the importance of energy sector reforms for Pakistan’s future economic growth. Reducing energy wastage and investing in renewable energy sources like solar and wind power would help Pakistan reduce its reliance on costly fossil fuels and mitigate the energy crisis. Moreover, privatizing inefficient distribution companies (DISCOs) and addressing line losses would lower electricity costs for both industries and consumers, contributing to economic stability.
“Implementing these reforms is essential to unlocking the full potential of Pakistan’s economy. With strategic decisions and a commitment to long-term sustainability, we can significantly enhance the country’s economic trajectory,” she states.
The Pakistan Business Forum continues its efforts to serve as a catalyst for change, providing solutions and advocating for policies that will ensure the country’s long-term economic prosperity.