Karachi businessmen urge PM to extend caretaker setup: sources

ISLAMABAD: The business community in Karachi urged the caretaker Prime Minister Anwarul Haq Kakar to extend the caretaker setup for two years to maintain continuity in policies that have led to “economic recovery”, ARY News reported on Tuesday.

During his visit to Karachi last week, Caretaker PM Anwarul Haq Kakar had visited the Pakistan Stock Exchange (PSX) to meet prominent businessmen from the metropolis.

Sources have now revealed that the majority of the businessmen urged the caretaker PM to extend the tenure of the caretaker setup for at least two more years, emphasizing the need to prolong current policies for the revival of Pakistan’s economy.

The businessmen heaped praise on the interim government’s resolve for the economic revival and demanded that the policies must be continued for lasting economic wellbeing.

The prime minister had assured PSX members that the facilitation of the business commu­nity and investors was among the priorities of the government.

PM Kakar also launched Pakistan’s first-ever sovereign Ijarah Sukuk aiming to raise Rs30 billion ($105.8 million). In connection with the launch of the first Sukuk, a ‘gong ceremony’ was also held at the PSX.

Speaking at the ceremony, PM Kakar had said that the promotion of the auction was a collective responsibility of the Exchange Pakistan Stockbrokers Association, Security and Exchange Commission of Pakistan and all other market participants.

He was of the view that Pakistan’s economy faced multiple challenges at the start of 2023-2024, but the government addressed structural and macroeconomic issues to rectify the situation. He maintained the government’s commitment to fostering an environment that nurtured the resilience of the capital market, recognizing its critical role as a stabilizing force that absorbed shocks and steered the economy toward stability. He also called for making efforts to build a capital market that reflects economic strength.