The business community fully endorses the proposed 27th Constitutional Amendment, calling it crucial for economic recovery, national unity, and defense readiness. Former Islamabad Chamber of Commerce president Shahid Rashid Butt stated that Pakistan cannot sustain a strong defense with a weak economy and urged all parties to support the reform in the national interest.
During an emergency meeting of traders and industrialists, Shahid Rasheed Butt explained that the amendment aims to fix a fiscal imbalance that has harmed the federation since the18th Amendment. He said that the earlier reform reduced fiscal discipline and hurt the center’s ability to handle debt payments, defense, and development.
“Provinces have surpluses over PKR 600 billion, while the federal deficit exceeds PKR 5 trillion, which is clearly unsustainable,” he pointed out. He added that after gaining fiscal autonomy, provinces did not expand their revenue base, improve public services, or enhance internal security. They received large federal transfers but failed to distribute the funds to the people, resulting in deprivation, unrest, and even violence. He noted that their increasing debts despite high funding show financial mismanagement.
The business leader emphasized that the 27th Amendment is not a political move, but an economic necessity to strengthen democracy, the judiciary, and national defense by addressing federal finances. The proposed plan would increase federal resources, lessen dependence on borrowing, and promote fair development across provinces. Butt warned that without urgent reforms, the economic crisis would worsen, hurting business, investor confidence, and national security.
He said stabilizing the financial system is vital for Pakistan’s future, urging political parties to reach an agreement to protect the economy and support sustainable growth. Shahid Rasheed Butt noted that the reform aligns with the IMF’s recommendations for fiscal consolidation and the transparent use of provincial funds.
Business leaders at the meeting called on the government and the opposition to agree on a charter for the economy to maintain better policies beyond the scope of political cycles. (PR)
