Preparing for budget: Experts weigh in on economic outlook

Say lack of governance has left country directionless

ISLAMABAD: Economists and experts in a pre-budget seminar at the Institute of Policy Studies (IPS) have stressed on improving governance and policy planning to ensure a meaningful budgetary exercise for the country.

The seminar ‘Budget 2015-16: Setting the Priorities’ was chaired by economist and IPS Chairman, Professor Khurshid Ahmad.

Fatima Jinnah Women University Social Sciences Dr Nahid Zia Khan addressed the seminar and presented the current macroeconomic picture of the country. She suggested several priority steps to be taken for the upcoming budget. “Pakistan has made some progress towards its economic recovery in the past year, however, it did not show any signs of improvement when it came to social development,” said Khan.

She also said that the progress on economic growth did not look very sustainable as there existed notable trade imbalances in country’s imports and exports. “The all-important sector of agriculture and the conservation and optimum utilisation of its resources, such as water, was also not duly addressed.”

Khan criticised the poor governance and regulatory frameworks, stressing the incumbent government needs to address these intangible indicators in its forthcoming schemes. Former Rawalpindi Chamber of Commerce and Industries president Dr Shimail Daud Arain said despite the acquisition of the GSP Plus status, Pakistan was yet to cross the milestone of $25 billion of exports.

He also called for improved, rather reformed, design of the present complicated tax system, which alongside creating deficit of trust between the taxpayers and the tax administration, also distanced them from a level-playing field.

Published in The Express Tribune, May 16^th, 2015.

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