Business council terms Budget 2020-21 balanced

Chairman says govt needs to provide further funds as matter of extreme urgency

LONDON: Pakistan-Britain Business Council (PBBC) has appreciated Pakistan’s budget for fiscal year 2020-21 and has termed it a balanced one without new taxes despite difficult situation, while recognising the need for a dramatic and rapid action.

In a statement, PBBC Chairman and Chief Executive Officer (CEO) Julian Hamilton Barns noted that in these difficult times when the world was fighting the coronavirus pandemic and facing an economic meltdown, introducing the budget was not an easy task for the government of Pakistan.

“With its fragile economy, international financing pressure will normally be on Pakistan, which is focusing on improving tax collection and fiscal conservatism,” said Barns. “Rather, it is time for the opposition and the government to provide immediate funding and support for its people to see the pandemic through and to ensure the economy bounces back quickly, instead of languishing and stagnating for a number of years to come.”

He added that notwithstanding these conflicting forces, Pakistan’s government unveiled a balanced budget without new taxes while recognising the need for rapid action.

“Significantly, the government has focused on those that need support the most, namely those with low income, and setting aside funding for the alleviation of poverty which, in turn, is a vital feature in addressing marginalisation and extremism, but the amounts set aside for addressing the impact of the pandemic are wholly insufficient and the government needs to provide further funds as a matter of extreme urgency,” he stressed.

Published in The Express Tribune, June 17^th, 2020.

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