PBF urges economic safeguards in amendment

The Pakistan Business Forum (PBF) has called on key political leaders to incorporate comprehensive economic safeguards in the proposed 28th Constitutional Amendment, emphasising the need for long-term policy stability.

In letters addressed to prominent figures including Nawaz Sharif, Bilawal Bhutto Zardari, Maulana Fazlur Rehman and Khalid Maqbool Siddiqui, the forum stressed that frequent policy changes have undermined investor confidence and hindered sustainable economic growth.

PBF President Khawaja Mehboobur Rehman highlighted the business community’s growing demand for continuity in economic policymaking. He said that embedding core economic principles—such as fiscal discipline, currency stability, and long-term planning—into the Constitution would provide a stable framework for investment and development.

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The forum also raised concerns over the outcomes of the 18th Constitutional Amendment, noting that the devolution of key sectors to provinces has not fully achieved its intended objectives. It pointed out that stakeholders, including farmers and industrialists, continue to rely on the federal government for direction on fiscal policy and economic incentives.

PBF argued that provinces often lack the capacity to deliver cohesive policies, leading to gaps in implementation and coordination. To address this, it recommended either returning agriculture and industrial policy frameworks to federal control or establishing a strong constitutional mechanism to ensure national policy uniformity.

The forum further warned that overlapping and conflicting regulations between federal and provincial authorities are creating barriers to new investment and contributing to what it termed “jurisdictional confusion.”

PBF expressed hope that lawmakers would seize the opportunity to introduce meaningful reforms through the amendment, ensuring long-term economic stability and improved governance.