Reviving the economy and directing it toward sustainable growth should be the new government’s top priority as the former’s stability and resilience are the key to a better future for Pakistan, according to the President of the Islamabad Chamber of Commerce & Industry (ICCI), Muhammad Shakeel Munir.
He stated that Pakistan’s economy is currently facing multiple challenges, including unbearable local and foreign debt, rising inflation, the declining value of the rupee and foreign exchange reserves, growing fiscal imbalances and dwindling foreign direct investments.
Munir said these challenges require the new government to immediately engage the private sector in the consultation process to develop a comprehensive strategy for an economic revival. He also stressed that all the economic policies should be made with the participation of the entire business community to create a conducive environment for the growth of business and economic activities.
Senior Vice President ICCI, Jamshaid Akhtar Sheikh, and Vice President ICCI, Muhammad Faheem Khan, said that the new Minister for Finance Minister should immediately start visiting Pakistan’s major Chambers of Commerce & Industry and the ICCI to consult with the business community and get their input before finalizing the upcoming budget.
The vice presidents also opined that the new government should aim to reduce the high tax rates and broaden the tax base in the upcoming budget to improve Pakistan’s tax revenue. Furthermore, they opined that the budget should facilitate the promotion of business and investment activities instead of putting more tax burden on the existing taxpayers.
