In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the speaker of the National Assembly, urging parliament to declare the ongoing fiscal year as the "Year of Economic Legislation."
PBF President Khawaja Mehboobur Rehman emphasised that sustainable private sector growth was only possible when parliament stood firm with the business community. He expressed hope that the speaker would play an active role in positioning the legislative branch as a true economic partner.
"It is imperative that parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors," he said. "For too long, the banking industry has operated on its own terms, refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route."
Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed to the shocking reality that many businesses in the province were effectively excluded from the credit system. The forum also raised alarm over Sections 37AA and 37B of the Finance Act, demanding their immediate revision.
Mehboobur Rehman warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence.
The PBF strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.
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