A year of stabilisation

AFTER a tumultuous 2023, most people remain “cautiously optimistic” about Pakistan’s economic outlook as we enter the new year, waiting with bated breath for a new government to take office. Last week, we had an interview with Muhammad Ali Tabba, Lucky Cement’s Chief Executive Officer (CEO) and one of the most dynamic businessmen this country has ever produced, to know his thoughts on Pakistan’s economic outlook in 2024 and what the newly elected government should focus on. The excerpts of the interview are given below: In retrospect: The outgoing year was very interesting. We entered an International Monetary Fund programme (IMF) and the interim set-up came in (to hold elections). The economy had to be contracted to control the burgeoning current account deficit and stabilise forex reserves that had fallen to a very low level; the government was left with no other option but to compromise on growth. If we hadn’t slowed down the economy, our financialsituation would have been worse. Based on that, it was a decision that had to be made to avoid further complications.