ISLAMABAD: The Pakistan Peoples Party (PPP) co-chairperson Asif Ali Zardari, a major ally in the ruling coalitions at the Centre, repeated his call for a “charter of the economy” on Wednesday in Lahore, emphasizing the importance of working together to improve the country’s economic situation.
Before the last year’s budget and not long after its ascension to power following the ouster of former Prime Minister Imran Khan through a no-confidence vote in April, the incumbent dispensation in Islamabad, particularly Prime Minister Shehbaz Sharif, floated the idea of an economic charter.
The idea revolves around all stakeholders working together to provide a framework for economic growth. Zardari emphasized its importance again today during a speech at the Lahore Chamber of Commerce and Industry, where several economic issues were discussed. He emphasized the importance of the country reaching “double-digit exports,” claiming that Pakistan has all of the resources to do so without the assistance of foreign investors.
He said that “everything” in the world was made by the commercial sector rather than the public sector. He recalled telling the PTI chief in Parliament previously to sit down and do whatever they could do with them. He concluded his speech by saying that we must think collectively.
Pakistan’s Economic Crisis
Zardari’s words come at a time when Pakistan, which is also in political instability, has been stuck in an extreme balance of payments crisis for months, with its central bank’s foreign exchange reserves falling to the level of just covering a month of control imports. The country is also on the verge of default, owing to falling remittances and foreign exchange reserves, as well as a prolonged delay in reaching an agreement with the International Monetary Fund (IMF) for the delivery of a $1.1 billion tranche of a $6.5 billion loan package.
Meanwhile, the government, which plans to present a new budget this week, is caught between an IMF-mandated painful fiscal adjustment reform plan and providing any relief to the people ahead of a national election in early November.
