The government’s economic team should prepare the budget in consultation with the business community, President FPCCI. Photo: Social Media
Karachi: FPCCI termed IMF’s conduct as unfair.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), a federal organization of businessmen in Pakistan, has said that the IMF has unreasonably troubled Pakistan by increasing the external funding requirement from $6 billion. 8 billion dollars, this action of the IMF is unfair and unethical and the international community should take notice of it.
President FPCCI Irfan Iqbal Shaikh in a statement questioned the IMF that the stalled IMF program was effective till June 2023 but on the contrary, the IMF suddenly extended the condition of external funding for the next 7 months. It has been increased from $6 billion to $8 billion, which has no justification and this move by the IMF is tantamount to undermining the entire budgeting exercise of a country with a population of 230 million.
Also read: The government should present a plan to revive the economy, President FPCCI
President FPCCI has stressed that the economic and financial team of the government should now be clear that the IMF program is not going to be revived before the next budget as the budget is only three weeks away and the government should prepare accordingly, FPCCI has also identified 6 main points for the upcoming federal budget.
FPCCI advised the government’s economic team that to get Pakistan out of the crisis, it is important to simplify the tax system instead of squeezing existing tax filers and harassing business and industry. Expanded, 5 Targeted subsidies in electricity and gas rates to export industries and bring them to lower rates through Regionally Competitive Energy Tariff (RCET) mechanism, bridging the gap between banking channels and open market. And by protecting the assets of overseas Pakistanis, remittance senders should be encouraged to promote industrialization, export substitution and rehabilitation of ailing industrial units.
Also read: Suggestions are sought from FPCCI, chambers, business organizations for the next budget
All economic policies should be formulated in consultation with the real stakeholders of the economy, i.e. the business, industrial and business community of Pakistan. All political parties should sign the National Economic Agenda and Plan for the next 15 years; To ensure the continuity of economic policies.
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