Businessmen slam long eid holidays as anti-economy

KARACHI: Chairman Businessmen Group Zubair Motiwala on Friday termed the announcement of unprecedentedly long Eid-ul-Fitr holidays (May 10-15) as extremely counterproductive for business and economy.

“Shutting down the country for nine consecutive days was unacceptable as it would create a lot of problems for the economy and the business community,” Motiwala said in a statement.

“It will particularly hurt exporters, who will not be able to dispatch their shipments abroad due to complete closure of banks, ports, customs and all other departments during excessive holidays.” Motiwala said as Eid-ul-Fitr was likely to be observed in Pakistan either on May 13 or 14, the decision did not make any sense hence, it must be reviewed to save the economy and businesses from suffering grave losses. “Keeping in view the overall business and economic crises being faced by the country, the government must review this decision and announce Eid holidays from May 12 to 15, which would certainly give some breathing space to the exporters by enabling them to dispatch shipments on 10th and 11th May, 2021.”

He said shutting down the economy for an excessive period would only aggravate hardships for the already perturbed business community.

“The business and industrial community of Karachi has already suffered losses due to limited business hours imposed to contain further spread of Covid-19 pandemic whereas the suspension of banking services and port operations for nine consecutive days would further multiply the losses for trade, industry, businesses and the economy, Motiwala said. He said given the depressed performance of almost all the sectors of the economy particularly the dwindling exports; the government was bound to make sure the wheels of industry keep moving without any interruption. “We cannot afford such prolonged holidays as they result in losses of billions of rupees to the national exchequer, terribly affect trading activities particularly exports and deprive the poor daily wage earners from their desperately needed earnings,” he added.