Adding momentum to recovery.

Byline: Afshan Subohi

Corporate Pakistan is gearing up for the post-pandemic world as the new cases decelerate and the vaccination drive continues to roll out at pace. Sentiments are rising steadily in business circles as the output and revenues surpassed pre-pandemic levels for a significant number of companies.

Some high-profile leaders reached for comments on the economy's trajectory expressed cautious optimism. Economic activity has picked up, induced by a massive stimulus package of over Rs2 trillion. It was financed by external inflows to deal with the pandemic fallout and savings on account of debt payment deferment offered by creditors. Sustainability of the current trend, they argue, rests not exclusively on economic factors. Political stability, they think, is crucial for progress.

The political leadership, they urge, must bury the hatchet and come together for constructive consultation and cooperation to better manage the economy. They wished for a pragmatic International Monetary Fund (IMF) programme and a flexible implementation strategy. The first Covid-19 case was reported in Pakistan on Feb 26, 2020.

Atlas Honda CEO Saquib H Shirazi, who also serves as chairman of the Pakistan Business Council (PBC), believes apt interventions of the PTI's economic team in the financial space created by the IMF's $1.4bn rapid financing instrument (RFI) facility and G20 debt payment deferment worked wonders to shore up business confidence.

The business community fears political unrest may unravel the nascent economic recovery after Covid-19

He thought the 'lives and livelihoods narrative' adopted by the government proved to have delivered. 'Keeping the industry and essential services open allowed more astute exporters to get a handle on the situation to make inroads into the export markets. Confidence has improved for a wide segment of domestic investors. If the momentum were to continue for another year, foreign direct investment (FDI) should follow.'

Like his father, the late Yousuf Sheerazi, a known name in Pakistan's business universe, he hammered into the theme of economic sovereignty for development. It did not stop him from supporting the IMF programme seen to ensure economic discipline and progress on the reform agenda. 'It reassures global lenders and non-resident Pakistanis. I hope though for a more pragmatic approach.'

Mr Shirazi repeated what the PBC has been campaigning for since its inception in 2005: a consensus minimum...