Business
Business Leaders Slam PM’s “Unnecessary” Public Holiday
Business leaders in Pakistan have expressed strong criticism of Prime Minister Shehbaz Sharif’s decision to declare a public holiday for Youm-e-Takbir, labeling it as “unnecessary” and “abrupt”.
The sudden additional holiday has been accused of disrupting scheduled deals and meetings, exacerbating its negative impact on businesses and the national economy.
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According to business representatives, many transactions were nearing completion when the announcement was made.
The government should have either canceled the notification or limited the holiday to schools, keeping other government organizations, especially commercial banks, open.
Economic analyst Khurram Schehzad highlighted the significant economic impact of additional public holidays, stating that even a single holiday can cost the economy between $1.1 billion to $1.3 billion annually.
The sudden nature of these holidays amplifies the situation, delaying planned meetings and deals.
Other business leaders, including Muhammad Najib Balagamwala, Nabi Bux Sathio, and Ismail Suttar, have also condemned the holiday.
They cited its negative impact on the economy, disrespect to taxpayers, and disruption of essential services.
The business community has urged the government to prioritize productivity and competitiveness, warning that excessive holidays could hasten the nation’s descent into economic crisis.
The criticism comes as the country faces economic challenges, and business leaders are calling for urgent measures to address these issues and improve productivity.
