LAHORE - Noted economist and former federal finance minister Dr Hafiz Pasha has said that ongoing political turmoil does not augur well for economy, democracy and developmental indicators in every sector.

He was speaking as chief guest in a seminar on Company Ordinance 2017 held under the aegis of ICMAP at its Lahore campus here on Monday. Fearing a bleak scenario ahead, he said that it was the time when Pakistan desperately needed bold decisions to charge up progress on multiple internal and external fronts especially to increase exports and decrease imports.

“Former Prime Minister Nawaz Sharif, who has a track record of taking bold decisions, could have made turnaround but situation did not allow him to do so,” he said.

In the wake of unrest that hit the country badly, he said, the worst affectees were no one but the common man. He said that if situation persisted, every person would have to bear the brunt.

Being a key speaker on the occasion, ICMAP president Muhammad Iqbal Ghori said ICMAP formed a Committee to review draft Companies Bill, 2016 and its recommendations were submitted to the SECP for consideration.

Under this Act, the discretionary powers of the Security Exchange Commission of Pakistan (SECP) have been reduced to a large extent. The Companies Act 2017 provides completely new responsibilities to the SECP, including authentication of the Sharia sector, certification of real estate, and approval of companies' merger.

He said that this effort of organizing Companies Act 2017 – Way Forward and the presentations of our learned speakers gave better insight and in-depth analysis of Companies Act 2017. Prof Mirza Manwar Hussain, S Ahmad Ashraf and Barrister Tariq Saeed Rana also addressed the seminar.