Businesses urge swift reforms to revive economy

KARACHI: The anxiety among businessmen is yet to subside after the elections, as they believe that only a significant drop in power, gas, and interest rates can revive economic activities and attract investors, making the working environment less tense and challenging. CEO of the Pakistan Business Council (PBC), Ehsan Malik, emphasised that a faltering economy demands astute management and cannot be left on autopilot. Uncertainty in the government is detrimental to investor confidence, he added. Mr Malik stated that businesses recognise the inevitability of the 24th IMF programme, regardless of the ruling party. The country needs larger assistance, around $8-10 billion, over a longer four to five-year period, to undertake fundamental reforms and re-profile debts.