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Power struggle among economic managers slated: Business leader

INP
ISLAMABAD
The unending power struggle among the economic managers serving on important assignments is reflecting badly on the overall situation and it is adding to the worries of the business community, a business leader said Friday.
People with a clear and wider vision and the ability to resolve the pressing economic challenges without engaging in time-wasting activities should be assigned important tasks, he said.
The FBR will see forth chief in eighteen months but he may not be able to deliver in absence of a clear policy, said Shahid Rasheed Butt former President ICCI.
He said that inflation, unemployment and contracting economy have become major concerns while the IMF’s prescriptions have failed to resolve problems.
Shahid Rasheed Butt noted that people Pakistan lacks a tendency for savings that is imperative for national development. Now the economic hardships have made it impractical, therefore, foreign investment should be encouraged.
He said that the foreign investors should be encouraged so that they can boost investments in Pakistan. The recently withdrawn incentives and exemptions must be revisited while their pending refunds of Rs80 billion should be paid without delay.
The business leader said that foreign investors are uneasy over lack of coordination between centre and provinces, the delayed process of dispute resolution, hiccups in the repatriation of profits and weak enforcement of contracts which should be improved without further delay.
He said that political instability, 30 percent devaluation, runaway inflation, 13.25 percent interest rates, and energy prices have also become serious problem for the foreign investors and their cost of doing business in increasing continuously which should be noticed.



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