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Business

April 21, 2017

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‘SC decision to ensure economic stability’

‘SC decision to ensure economic stability’

KARACHI/PESHAWAR: The business community on Thursday welcomed the decision of the Supreme Court of Pakistan in the Panama Case, and said it will ensure economic stability in the country.

Zubair Tufail, president, Federation of Pakistan Chamber of Commerce and Industry (FPCCI), said the political parties should honor the decision of the apex court and wait for the examination of the Joint Investigation Team (JIT).

He said the decision had proved that the judiciary was independent in the country. “Further, the 3:2 decision in this case also indicated that the judges are independent in their decisions,” he added.

Tufail said the decision also ensures economic stability by end of the current fiscal year, because budget 2017/2018 is to be announced next month. Regarding the future of the economy, he said that now the fundamentals were strong and new governments would follow the ongoing projects, in which CPEC has to play a major role.

Siraj Kassam Teli, chairman, Businessmen Group (BMG) and former president, Karachi Chamber of Commerce and Industry (KCCI), said the decision would result in political instability. He said a detailed judgment would clear the situation.

Younus Muhammad Bashir, former president of KCCI, said the decision guarantees certainty in the market for the next two months.

He termed that indeed it was a historical decision. He said the order to form a JIT against a sitting prime minister was a big decision. “It is a big moment that army and other government departments will investigate the prime minister,” he added.

Bashir said the SC had all political and economic situations in mind. “The decision prevented any disturbance to economy as well as for politics,” he added.

Zubair Motiwala, leading industrialist and senior member of Pakistan Textile Processing Mills Association, said certainty had prevailed to some extent, “as the apex court has directed to form JIT and decision will be based on findings of the JIT.” He said that after two months, the uncertainty would return.

Motiwala said in the budget the government would be under pressure and would try to provide maximum relief to the masses as two judges of the SC had given their opinion against the prime minister.

Mian Zahid Hussain, president, All Karachi Industrial Alliance, welcomed the decision in Panama case and said it had ensured the continuity of economic activities in the country. He said for the last two months people and businesses were confused about the political future of the country.

APP adds: Khyber Pakhtunkhwa Chamber of Commerce and Industry president Haji Muhammad Afzal Khan said the decision of Supreme Court in Panama case was based on justice and merit, which would give political and economic stability to the country.  The KPCCI president expressed the hope that all the parties would accept the Panama case decision wholeheartedly and cooperate with the JIT to bring the case to its logical conclusion.

Haji Afzal said the SC decision had ended an atmosphere of political uncertainty and doubts in the country, which was a good omen for democracy, security, and the economy of Pakistan.

"There was no justification of hue and cry after the decision of the apex court in Panama case, and I appeal all the political parties to accept this decision by working together for progress and economic stability of the country,” he said.

The chamber’s president said wrangling between opponents would have a negative effect on investment, democracy, and the economy of Pakistan.

He also said China-Pakistan Economic Corridor (CPEC) was a golden opportunity for Pakistan's socio-economic development, and all provinces would reap its fruits only when there was political stability in the country.

He said the stock exchange had improved after the SC verdict and now nobody could stop direct foreign investment in Pakistan.

KPCCI former president Fawad Ishaq said the SC verdict was based on justice and merit, and would further strengthen the democracy and economy of the country. He said the stock exchange would further improve with this important decision.  He said the SC had delivered a very important judgment in Panama case after analysing all the available evidence and record, and the decision to form a JIT was a good verdict.

Fawad Ishaq said the 540 pages detailed verdict of SC showed that nobody was above the law and all decisions were being taken strictly on merit and evidences on record.

He said this decision would have far reaching effects on all major sectors, including agriculture, economy, infrastructure, and democracy and justice that would directly benefit the common man.

 

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