Islamabad
\nFormer President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said on Thursday that the issue of Constitutional amendments is increasing the level of political instability in the country.
\nIntensifying political tensions can bring the economy that is recovering after a long time to its knees, he said
\nThe development of the economy ought to be the primary priority, rather than politics, as the masses urgently need a break, he added.
\nShahid Rasheed Butt said in a statement issued here today that the 24th International Monetary Fund program must not be derailed due to rising political temperatures.
\nHe said the government should stop efforts to get constitutional amendments approved as it increases political instability, and the political tussle can sink the recovering economy.
\nInstead of making the country a political laboratory and a banana republic, the focus should be economic development, he stressed.
\nShahid Rashid Butt said that the draft of constitutional amendments was very controversial, due to which it has been rejected by the allies of the government and opposition, while lawyers and other circles were raising their voices against it.
\nInstead of manipulating for a consensus on this matter, the government should close this Pandora\u2019s Box.
\nThe business leader said the amendments against the constitution\u2019s basic features would cause harm instead of benefit.
\nHe noted that for the first time in the country\u2019s history, despite the government\u2019s weakness, the economy is getting stable, and its development journey may soon start.
\nThe inflation is decreasing, the rupee is appreciating, interest rates are being reduced, foreign exchange reserves are stable, and the current account is in surplus. Still, the public is yet to get relief, he observed.
\nHe said that Nawaz Sharif was disqualified when the economy was growing rapidly, while Imran Khan was also removed when the growth rate was more than six percent. These measures resulted in political gains for some but affected the economy.
\nThe economy has not yet fully recovered from these blows, and presently, the economy is no longer in a position to withstand further shocks.
\nNow, the current government is finding it difficult to accomplish some important tasks that those with smaller numbers and less strong support in the past could achieve, notwithstanding its numbers in parliament and the great support of the establishment.
\nHe said this means one thing: this is a weak government, despite all its outward strength in its parliamentary arithmetic and strong backing.
\nShahid Rasheed Butt said that after more than two and a half years of the fiercest inflationary inferno the nation has ever seen, the present system of governance has suffered a strike on its capacity to command the loyalties of its populace.
\nThe type of inflation masses have experienced since May 2021 is practically unheard of; though it stopped expanding, the fire still burns. Many years will pass before people\u2019s incomes can equal the loss of purchasing power experienced during these years.
\nPast leaders controlled local political environments to suit their tastes and obtained significant, concessional inflows to support the economy.
\nHowever, it is not working this time, which explains why the circumstances seem different. No foreign partner is intervening with a bailout, and the repression is not stifling the people\u2019s will.
\nHe warned that the government will lose more the longer this situation persists, even if it helps stabilize the economy.
\nHe demanded that policymakers should avoid moves that would derail the IMF\u2019s twenty-fourth program.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said on Thursday that the issue of Constitutional amendments is increasing the level of political instability in the country. Intensifying political tensions can bring the economy that is recovering after a long time to its knees, he said The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-432250","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n