Karachi: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has declared the business community's full support for the Army Chief’s commitment to fostering economic stability, growth, and prosperity in Pakistan.

According to Federation of Pakistan Chambers of Commerce and Industry, Mr. Sheikh praised the state institutions for their role in securing the International Monetary Fund’s Extended Fund Facility (IMF-EFF) by establishing trust with key nations like China, Saudi Arabia, and the UAE concerning rollovers of bilateral loans. This cooperation was crucial for successful negotiations with the IMF, he noted.

Mr. Sheikh acknowledged the Special Investment Facilitation Council's (SIFC) vital role in maintaining economic policy continuity, which he said is essential to attract foreign direct investment. He advocated for a charter of economy, urging a long-term, apolitical economic strategy inclusive of all sectors and regions, irrespective of government changes.

Additionally, the FPCCI president requested the Army Chief’s assistance in reducing electricity and gas tariffs to aid trade and industry, aligning with the Army Chief's vision of economic growth, revenue generation, and job creation.

Saquib Fayyaz Magoon, Senior Vice President of FPCCI, emphasized the need for world-class infrastructure in Karachi, vital for its role as Pakistan's economic hub. Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association, highlighted the disparity between the high key policy rate of 17.5 percent and the lower inflation rate of 8 percent, advocating for a reduction to single digits to ease the burden on the economy and enhance industrial production and exports.