Traders urge new govt to prop up economy

Stress need for taking businessmen’s input prior to budget finalisation

ISLAMABAD:

Reviving the economy and placing it on a path of sustainable growth should be the top priority of the new government, said Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir.

In a statement on Monday, he argued that turning the economy stable and resilient was the key to a better future of Pakistan.

“Currently, the economy is facing multiple challenges including unbearable domestic and foreign debt, rising inflation, rupee depreciation, falling foreign exchange reserves, growing fiscal imbalances and dwindling foreign direct investment,” he said.

“To address these challenges, the new government should immediately engage the private sector in consultation process to evolve a comprehensive strategy for economic recovery.”

He stressed that all economic policies should be drafted by taking the business community on board, adding that it would help create conducive environment for the growth of business and economic activities.

ICCI Senior Vice President Jamshaid Akhtar Sheikh and Vice President Muhammad Faheem Khan urged the upcoming finance minister to visit major business chambers right after assuming charge.

They suggested that the finance czar should hold consultations with the business community and take its input before finalising the upcoming budget.

They called on the new government to focus on reducing high taxes and broadening the tax base to improve tax revenue of
the country.

“Budget should facilitate the promotion of business and investment activities instead of placing more tax burden on the existing taxpayers,” they said.

Published in The Express Tribune, April 12^th, 2022.

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