Business community and traders from Punjab held a detailed meeting with Advisor to PM on Finance Abdul Hafeez Shaikh and Punjab Governor Chaudhry Muhammad Sarwar on Saturday.
The three-hour long interaction was held at the Governor’s House in order to discuss the upcoming budget.
PM’s Advisor for Trade and Textile Abdul Razzaq Dawood, Provincial Finance Minister Makhdoom Hasham Jawan Bakht, Provincial Economic Advisor Dr Salman Shah, Advisor to Finance Ministry Dr Khaqaan, APTMA Group Leader Gohar Ijaz, businessman Iftikhar Malik, Lahore Chamber of Commerce and Industry president Almaas Haider and Khawaja Shehzad Nasir were also present.
The businessmen told the government officials about their problems in detail and also gave suggestions for fiscal budget 2019/20.
Abdul Hafeez Shaikh, Abdul Razzaq Dawood hold three-hour-long session with business community
Abdul Hafeez Sheikh said that government was increasing tariffs on gas and electricity because it had no other option. “We cannot achieve our revenue target. Therefore, we cannot make structural changes without it. Government is taking difficult decisions to put the economy back on track. Signing agreement with the International Monetary Fund (IMF) and implementing their programme efficiently will help us to come out of the economic crisis,” he said. “The Pakistan Tehreek-e-Insaf is committed to providing long-term concrete solutions to the prevailing problems instead of taking short-term temporary measures. We are expecting to get 2-3 billion dollars from World and Asian Development banks. New taxes and increased petroleum prices will bring more difficulties for the people. However, they should not worry as happy days are soon coming. We are deeply committed to bringing meaningful progress and prosperity to this country,” he said.
“International loans will further strengthen the economic situation of the country. PM Imran Khan has stressed on giving maximum relief to the common people,” Shaikh said.
Business community gives budgetary proposals
He also said that to strengthen the economy of the country, long term policies were being formulated instead of temporary ones. “The government is taking difficult decisions, but they are in the interest of the nation. When the government came into power, the country was going through very testing times. There are four to five such clauses in IMF agreements, which are in the interest of under-privileged sections of Pakistan,” he said.
“IMF neither talked about the National Finance Commission (NFC) Award, nor it is their right to do so. A total of Rs 216 billion have been allocated to provide subsidy to those who consume electricity,” he said.
He also said that under the present government, trade deficit had been lowered and foreign reserves had improved. “The government has launched Ehsaas Programme, which will strengthen the poor. The government is also focused on improving good governance. There is no allegation of corruption on the incumbent government. There are three main priorities in the present budget: firstly, providing basic needs to poor people in these tough times; secondly, sorting out the economic crisis; and thirdly, increasing revenue through taxes. The government is taking steps to reduce the debt burden on poor people and giving them maximum relief,” he said.
Governor Sarwar said that it was for the first time that the country top financial leadership had gathered to listen to the grievances of the business community.
“The present government will fulfill the promises, which it made with the business community. It is for the first time that government and business community are on the same page,” he said.
State Minister for Revenue Hammad Azhar said that FBR needed a lot of reforms. He said that 57% of the tax collection went to the provinces. “The federation has set revenue target for this fiscal year and will meet this target. We truly hope that government will meet these targets and will be able to bring country out of the economic crisis. The tax amnesty scheme of the incumbent government is different from the previous governments under which declaration of assets will be assured. Those who hold benami accounts will be penalised,” he said.
Advisor on Trade and Commerce Abdul Razzaq Dawood said that the prosperity of the country was the main preference of the country. “the government is taking steps to boost investor’s confidence. Trade and business activities will be increased because of the Pak-China business forum and connectivity with the trader’s community will be increased,” he said.
