A major amount of our tax revenue is used for debt servicing and defence. Nearly a quarter of our import bill is oil. There are seven categories of oil that the country consumes and of these, two account for two-thirds of oil consumption, i.e., diesel and furnace oil. This was expressed by the prominent economist Dr. Kaiser Bengali on the seminar \u201cState of Pakistan\u2019s economy: present and future\u201d, organized by Pakistan Council on Foreign Relations (PCFR) at Institute of Business Management. He suggested to rehabilitate Pakistan Railways. All transport entities make revenue from cargo and subsidized passenger service and the same should be the case for railways. He called for the creation of a holding company comprising railways and NLC to integrate rail and road cargo services. Dr. Bengali recommended that subsidises should be diversified to other industries. He was confident that effective policies can reduce un-employment and poverty rate to a single digit in a decade. Former Chairman FBR, Shabbar Zaidi presented an overview of Pakistan\u2019s economy from 1947 to 2022. He commented that despite Pakistan is taking the 27th IMF program since its inception all indicators of the millennium development goals are dwindling. 40% of the GDP is un-documented, the current deficit would be over 20 Billion USD this year and we will face further problems in the coming years. While presenting solutions to strengthen Pakistan\u2019s economy, Mr. Zaidi suggested better economic management, empowering female industrial workers and local governments, debt restructuring, re-examination of our expenditures and strong economic relations with the US and the EU. Ambassador (R) Shahid Amin presented the welcome address and Ambassador (R) Syed Hasan Habib presented a vote of thanks to the speakers, guests, businessmen, veteran diplomats and former ambassadors. In the end, Mementos were presented to Mr. Shabbar Zaidi and Dr. Kaiser Bengali by Ambassador (R) Shahid Amin, Secretary General PCFR Mr.Ahsan Zuberi and Mr. Talib Karim as a token of appreciation by PCFR and IoBM.<\/p>\n","protected":false},"excerpt":{"rendered":"
A major amount of our tax revenue is used for debt servicing and defence. Nearly a quarter of our import bill is oil. There are seven categories of oil that the country consumes and of these, two account for two-thirds of oil consumption, i.e., diesel and furnace oil. This was expressed by the prominent economist […]<\/p>\n","protected":false},"author":2,"featured_media":249521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-249519","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n