Government should reduce reliance on local and foreign loans, advises ICCI President.
PHOTO: FILE
ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICC) called on the government to focus on promoting exports to attain self-sufficiency and reduce dependence on local and foreign loans, as the cost of debt servicing continues to climb and eat a major chunk of revenue from taxes. Debt servicing represented 30.4% of tax revenue during the last year, ICCI President Sheikh Amir Waheed said. He added that the $35-billion export target set by the government in the Strategic Trade Policy Framework (STPF) 2015-18 by June 30, 2018 would be hard to reach considering the current trend of exports.
Published in The Express Tribune, January 30th, 2018.
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