A prominent business leader has issued a stark warning that further devaluation of the Pakistani rupee could trigger social unrest, asserting that such a move would cause the prices of essential goods to spiral out of control and deepen economic uncertainty for a populace already burdened by inflation.
According to a report on Friday, Shahid Rasheed Butt, a business figure and former president of the Islamabad Chamber of Commerce, strongly condemned the calls for weakening the currency, stating that proponents of such advice are out of touch with ground realities and are damaging national interests.
In a statement, Mr Butt urged policymakers to shift their focus from currency manipulation to foundational economic improvements. He advocated for measures to increase national production, boost exports, and lower the costs of doing business.
He highlighted several impediments to business growth, including electricity prices for industries that are almost double those in competing nations, excessive taxation, and extremely high interest rates. He also pointed to a poor law-and-order situation as a factor contributing to a deteriorating business environment.
This hostile climate, he explained, is driving capital, investors, and multinational corporations out of the country. Mr Butt declared it unacceptable that various economic sectors were being sacrificed solely to appease influential Independent Power Producer (IPP) owners.
The business leader noted that Pakistan’s exports are stagnating at approximately 30 billion dollars. He pointed out that despite the nation”s agricultural base, farm exports remain stubbornly below 5 billion dollars, while the textile sector contributes about 19 billion dollars, and all other sectors combined fail to exceed 5 billion dollars.
He criticised a pattern where government agencies tighten their control whenever an industry shows signs of recovery. Mr Butt also demanded an end to the practice of transferring the financial burden of electricity theft and flawed political decisions onto industrial and domestic consumers.
Stressing the need for substantial change, he asserted that Pakistan’s economic problems require genuine reforms rather than cosmetic measures and repeated currency devaluations.
To restore investor confidence and revive the economy, Mr Butt recommended that the government ensure policy stability, implement credible reforms, and apply policies consistently. He specifically called for predictable taxation, affordable energy, and accessible finance, urging authorities to consult with industry leaders before making pivotal economic decisions to prevent shocks to the business community.