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Businessmen upbeat about army chief’s resolve to revive economy

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1 year ago

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  • FPCCI president calls meeting with army chief a breath of fresh air.
  • $25bn investment discussed with Saudi Arabia, COAS Munir tells business community. 
  • Government would not go full-fledge for privatisation, he adds.

KARACHI: As the country is faced with a serious economic crisis, Chief of Army Staff (COAS) General Syed Asim Munir told the business community that all-out efforts will be made to bring foreign investment to the country and revive the economy, The News reported Tuesday.

The army chief gave these assurances in one of his recent detailed meetings with the traders where he spoke with the business community candidly. 

Speaking in the Geo News programme “Aaj ShahzebKhanzada Kay Sath” on Monday, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Irfan Iqbal Sheikh said that the meeting with the army chief is a breath of fresh air. 

He said the army chief told them that a $25 billion investment had been discussed with Saudi Arabia, which had assured Pakistan of investment in IT, minerals, agriculture and defence. 

COAS Munir told the business community that Saudi Crown Prince Mohammad Bin Salman had agreed that of the $25 billion, $10 billion would be kept in the State Bank of Pakistan (SBP). This will be returned in the form of the Pakistani rupee or goods so that the foreign exchange could increase.

The army chief said that the crown prince has identified bureaucracy obstacles to investment and called for removing them, adding that they have Special Investment Facilitation Council (SIFC) to do away with the bureaucratic hurdles.

Now nobody could disturb them, nor any bureaucrats could undermine them nor would they face any problems with courts. He said the army chief told the business community that Saudi Arabia and the United Arab Emirates (UAE) had held out the assurance that each would invest $25 billion, while $25 billion each would come from Qatar and Kuwait.

Sheikh said that Gen Munir had vowed that the land-grabbing mafia and the extortion mafia would be reined in to control corruption, adding that four task forces are being constituted on the Federal Board of Revenue of Pakistan (FBR), border control, smuggling and social media to improve the situation. 

FPCCI president also stressed that the business community had become disappointed but the army chief had given it courage and hope.

Meanwhile, Business Group Chairman Zubair Motiwala said that every new chief holds meetings with traders. 

Welcoming the meeting, Motiwala said that the body language of the army chief was different this time as compared to the traders’ meetings held with his predecessors. He added that Gen Munir went to Saudi Arabia and the UAE for the revival of the economy, and now he plans to go to Qatar and Kuwait.

Motiwala said COAS Munir directed the corps commander that not a single litre of Iranian diesel should come to Karachi while he also issued directives for retaking encroached lands, ending corruption and improving law and order.

The COAS also said that only registered Afghan refugees can live in Pakistan and the rest of them will have to go back to their country, adding that Saudi’s crown prince complained about corruption and bureaucracy in Pakistan.

Motiwala said they discussed the charter of the economy with the army chief, hoping that such a huge investment would bring improvement to the economic conditions in the country. 

He said they drew the attention of the army chief towards the need for investment.

The business community also told Gen Munir that Rs1,300 billion is going to waste due to state-owned enterprises, stressing that political governments cannot opt for privatisation, he added. 

The army chief said he realised that the government would not go full-fledge for privatisation and would get rid of the burden at all costs.

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Business

With the PSX at 115,000, investors profit while the sun is shining.

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10 hours ago

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Despite the numerous actions the government has taken in recent months, the nation’s economy is still growing.

The extraordinary rise in equities in recent years is evidence that the economic “turnaround” has given investors cause for optimism.

As market participants eagerly made investments, the KSE-100 index crossed the 115,000 level on Friday, the penultimate working day of the current week on the Pakistan Stock Exchange (PSX). The stocks gained strength on the 13th consecutive day, highlighting improvement in the country’s economy.

During early hours of trading, stocks climbed to 115,172 with a gain of 600 points.

The Pakistan Stock Exchange (PSX) reached its peak by surging above 114,000 points on Thursday. It has been over a month since the surge began.

The figure jumped by a substantial 2,500 points to 113,374 points during Thursday’s session. The KSE-100 index closed at 114,180, up 3,370 points, after surpassing 114,000 points later in the day.

On Wednesday, stocks closed at 111,810.

FLOW AND EBB

The market had a sharp bearish rise a few days ago, but it was short-lived as bullish momentum returned. The benchmark KSE-100 index gained more than 2,000 points and is currently sitting around 111,000. It was in opposition to the close of 108,896 points the day before.

CUT THE rating ON THE CARDS

The proverbial bulls have been galloping for the past month or so thanks to the financial infusion from the International Monetary Fund’s loan disbursement and more discussions on climate funding.

The impending policy rate cut meeting of the SBP is another factor contributing to the current market attitude. The Monetary Policy Committee of the Central Bank is scheduled to convene on Monday, December 16.

On November 30, the Pakistan Stock Exchange (PSX) achieved a historic milestone by reaching a record-breaking high of 100,000 points following an unheard-of run of gains.

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Business

ADB Adjusts Pakistan’s Economic Growth Forecast to 3% for 2024-25, Indicating Positive Economic Trajectory

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1 day ago

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Pakistan’s economic growth is projected to be three percent in the fiscal year 2025, according to the Asian Development Bank’s revised prediction, which is an upward revision from the previous forecast.

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The PSX 100 index crosses 113,000 points, marking a historic milestone.

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1 day ago

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The historic 113,213-point milestone has been surpassed for the first time by the Pakistan Stock Exchange (PSX), setting a new record.

The stock market experienced a spectacular start to the trading session, rising 1,400 points in just 30 minutes. At an all-time high of 112,277 points, the KSE-100 Index jumped 1,467 points.

With the index rising 1,200 points in just 15 minutes after the market began, the PSX had already reached another milestone. At 112,041 points, the KSE-100 Index had risen 1,231 points.

In another example of record-breaking performance, the PSX saw a 1,000-point spike in just 10 minutes. The KSE-100 Index rose 1,100 points to 111,911 points, regaining the 111,000-point milestone and hitting its highest level ever.

The PSX’s exceptional performance establishes it as a crucial gauge of economic optimism by highlighting robust investor confidence and substantial market momentum.

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