TIME FOR GOVERNMENT TO FOCUS ON ECONOMIC DEVELOPMENT OF
 THE COUNTRY – PRESIDENT, ISLAMABAD CHAMBER OF COMMERCE

Muhammad Ijaz Abbasi, President, Islamabad Chamber of Commerce and Industry termed the resignation of President Pervez Musharraf as the wise option that he chose in the prevailing situation to avoid further confrontation between different pillars of the state, which the country cannot afford and hoped that the country will now return to the much-needed political stability followed by economic revival. He said that now the onus falls on the ruling partners to manage the country’s affairs prudently, particularly in the economic arena, which has deteriorated massively in the recent months. He said President’s resignation sent positive signals as the KSE index increased by over 460 points, while the fast depreciating rupee also gained some Rs 1.20 against the dollar.

ICCI President said now is the time for government that it should be focusing on pledges that it made with the people giving top priority to the economic revival of the country. He said Pakistan is confronting many serious challenges like poverty, unemployment, inflation, economic downturn etc. and these challenges call for urgent remedial measures to put the country on course to economic development and prosperity. He said that country should now move forward to political stability and added that as the fundamentals of the economy are still better because the economic outlook was not so bad and if government pays due attention the economy would perform well in the coming days. Therefore, he stressed upon the government to immediately set its priorities for the revival of the economy.

Muhammad Ijaz Abbasi said that due to the political uncertainty and unclear economic policies, foreign investors had been reluctant to invest in Pakistan while Pakistan badly needed investment to cope with the economic challenges and to create job opportunities in the country. He said since the last several months the country's economy had been facing huge difficulties and capital markets were witnessing a downward trend as the political battle has badly hurt the country's economy and Karachi stock markets' index came down to 10,000 level from 16,000 points during this period, while the rupee was also continuously depreciating against the dollar.

ICCI President said that exit of Pervez Musharraf would bring political and economic stability in the country and emphasized upon the government to concentrate on serious economic issues, resolve them in consultation with business community to bring the country out of economic crisis and adopt policies to boost trade and industrial activity in the country so that Pakistan could become a strong economy according to its full potential and strength.