Business community expects growth to follow SC verdict

KARACHI: Business community on Friday said the decision of the Supreme Court of Pakistan in Panamagate scandal has ended the uncertainty and the economy will be back on the growth track.

The business community advised all the political parties to honour the judgment of the apex court and to strengthen the country instead of going for confrontation.

The Supreme Court on Friday disqualified Prime Minister Nawaz Sharif in Panamagate scandal after more than a year of proceedings. During the period, the economy faced challenges including huge trade deficit, sharp widening of current account deficit, fall in revenue collection, etc.

“The government could not concentrate on the important economic matters due to the Panama matter,” Zubair F Tuffail, president, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said.

FPCCI president said an uncertainty prevailed for more than a year, which ended with the SC’s verdict. The trade deficit had widened to $32 billion, which was not only alarming but also exposed the weaknesses in the economy, he said, and added that the new prime minister and team should take care of it and immediately put a ban on unnecessary imports.

He, however, said that the process of accountability should not stop and all those parliamentarians having dual nationality and assets abroad should be brought to task. Shamim Ahmed Firpo, president, Karachi Chamber of Commerce and Industry (KCCI), said the apex court had adjudged the case thoroughly and awarded disqualification.

“This is a historic judgment…the political parties should accept the judgment,” he advised. He said the Panama case had exposed the inefficiency of the organisations, especially related to finance. He stressed upon bringing reforms in the Securities and Exchange Commission of Pakistan, State Bank of Pakistan, and Federal Board of Revenue. “These organisations should be made for business growth,” he added.

Siraj Kassem Teli, leader of the Businessmen Group termed the decision a beginning of corruption-free Pakistan. He said everyone should be liable to accountability without any discrimination.

Ameen Hashwani, a leading businessman, said the country should strengthen institutions instead of focusing on individuals. He said the rule of law would ensure the importance of institutions. Hashwani said now it was time to focus more on economic growth.