PBF writes letter to NA Speaker: Call to declare ongoing fiscal year as ‘Year of Economic Legislation’

KARACHI: In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the Speaker of the National Assembly, urging Parliament to declare the ongoing fiscal year as the “Year of Economic Legislation.”

President PBF, Khawaja Mehboob ur Rehman emphasized that sustainable private sector growth is only possible when Parliament stands firmly with the business community. He expressed hope that the Speaker would play an active role in positioning the legislative branch as a true economic partner.

“It is imperative that Parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors,” said the PBF President. “For too long, the banking industry has operated on its own terms — refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route.”

Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed out the shocking reality that many businesses in the province are effectively excluded from the credit system. The Forum also raised alarms over Sections 37AA and 37B of the Finance Bill, demanding immediate revision.

“Mehboob warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence. The chamber strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.”

“If these clauses are not removed, the business community may be forced to shut down operations. These provisions have deeply shaken business confidence across Pakistan. We call upon the Speaker to form a special parliamentary committee to address these issues.”

The letter further states that access to easy and fair credit is considered essential in all developed economies, but Pakistan continues to lag behind, with the government currently working on a 10-year industrial policy, the Forum warned that without enabling financial access for the private sector, the policy’s objectives will remain unfulfilled.

The PBF urged the National Assembly to act now, reiterating that sound parliamentary policy and legislation are the keys to national progress. The business community is looking for practical solutions, not confrontation, and hopes to avoid protest actions such as strikes.

The forum further warned that if the government fails to do so, the business community will continue its protest against 37AA and 37B within the legal and democratic framework for a long time.

Copyright Business Recorder, 2025