Business leader and former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Wednesday that the government has saved the bankrupting economy. He said that the economy is now moving towards stability; however, the pace of implementation of the extraordinary and drastic measures needed for its development is slow.
Shahid Rashid Butt said in a statement issued here that economic matters have improved in a short period of 14 months, which the IMF and other international financial institutions have also acknowledged. He said the global market’s decline in oil and commodity prices decreased the inflation rate from 38 to 7 percent. Foreign exchange reserves are increasing, and interest rates have decreased.
Still, progress on many issues, including privatization, expansion of the tax net, abolition of unnecessary ministries, handing over some ministries and departments to the provinces, agricultural income tax, IPPs, etc., has been plodding.
Shahid Rashid Butt said that it has become necessary to complete these matters as soon as possible to move forward in the interests of the country. While economic recovery includes support from international financial institutions and friendly countries, taxpayers also have a significant role, bearing the burden of new and additional taxes.
He said that during the recent visit of the IMF mission to Pakistan, progress was made on tax, energy, documentary reforms, and public finance issues.
Additionally, the government requested climate financing from the IMF as this has become a significant issue. The business leader said there should be no delay in imposing taxes on all sectors, including real estate, agriculture, and wholesalers, as no further burden can be placed on the salaried class or manufacturers.
The business leader said that the economic cost of internet restrictions is very high. It must be realized how much it costs the economy when the internet goes down. Some experts say that firewalls and internet restrictions could cause financial losses estimated to reach $300 million, which can increase exponentially.
