Economic Woes: Exploring domestic resources for prosperity

Mahfooz Elahi highlights the need to find a permanent solution to the deteriorating economic condition.

ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI) criticized the overdependence on IMF and urged for exploitation of domestic resources for national projects.

In a statement, Mahfooz Elahi highlighted the need to find a permanent solution to the deteriorating economic condition of the country through frugal spending and well-targeted allocations.

He also stressed on the significance of bringing the  non-compliant sectors under the tax net of the government, and  explained that by doing so the government would broaden it’s tax base instead of burdening the existing tax payers.

Giving further alternatives to IMF rescue packages, the ICCI head emphasised on taking the business community and all stakeholders on board and  plugging wastage of financial resources. He said the government should identify the sources of revenue generation along with ways to pay back the huge IMF loans. Furthermore, care must be taken not to compromise industrial competitiveness by appealing to the IMF.

Published in The Express Tribune, April 15^th, 2011.