Govt urged to accelerate reform process

KARACHI – The President of the Korangi Association of Trade and Industry (KATI), Muhammad Ikram Rajput, has called for the government to speed up the reform process and tackle the structural issues plaguing the business and industrial sectors in a lasting manner. Rajput emphasized the need for a greater emphasis on decreasing energy expenses, boosting industrial output, stimulating exports, refining the tax system, motivating investment, and making business operations smoother.

Rajput stated that these actions are vital for laying a robust groundwork for authentic and enduring economic growth. He pointed out that Pakistan's aim should not solely be to overcome the prevailing economic crisis but to metamorphose the country into a formidable, self-sufficient, and economically robust nation. He insisted that attaining this goal necessitates the collaboration of the government, business and industrial community, and other stakeholders in undertaking long-term economic reforms and ensuring their effective implementation.

Rajput expressed optimism that the government would uphold the existing trajectory of economic stability while addressing the challenges confronted by the business community. Such steps, he argued, would bolster the confidence of industrialists and investors and sustain the positive economic momentum. Rajput welcomed Moody’s decision to elevate Pakistan's sovereign credit rating, considering it a positive development and a significant step towards enhanced economic stability.

In response to the upgrade from Caa1 to B3, Rajput commented that the improvement signified growing trust among international institutions in Pakistan's economic situation, fiscal prudence, and capacity to fulfill its debt commitments. He attributed the improvement to the government's economic policies, reforms, and measures aimed at stabilizing the economy, especially those implemented under the leadership of the Prime Minister and the Field Marshal.

Rajput commended the government's economic team for their efforts in reinforcing economic stability, bolstering the external sector, and preserving fiscal discipline.

The KATI president believed that the enhanced credit rating could reinstate international investor trust, attract more foreign investment, and facilitate Pakistan's access to global financial markets. However, Rajput stressed that the gains attained through economic stabilization must now be transformed into sustainable and widespread economic growth.