ISLAMABAD
\nThe All Pakistan Business Forum (APBF) has asked the new government that its strategies should not only focus on short-term gains but also encompass a long-term vision for sustained progress.
\nHe emphasized that such transparency from the government is crucial for instilling confidence in the business community and investors.
\nThe APBF President Syed Maaz Mahmood observed that the country has had trouble raising enough money to cover its expenses.
\nDue to the low tax-to-GDP ratio, borrowing and outside help are heavily relied upon to close the fiscal imbalance.
\nThere is a recurring budget deficit because the government spends more than it takes in. The national debt burden has risen, as a result, needing substantial financial resources for debt repayment. Both internal and external debt in Pakistan has been constantly rising.
\nHe called upon the newly-elected government to announce clear and robust economic strategies, as the country has stuck in low economic growth situation, where double-digit policy rate for the last few years has diminished capacity to increase domestic production, and exports, negatively impacting domestic resource mobilization.
\nThe APBF Chairman Ibrahim Qureshi said that the new government that comes into office will have its work sharply cut out as far as the economic challenges are concerned.
\nComing at the back of fast-unfolding climate change crisis and recent Covid pandemic that pushed millions into poverty with little fiscal capacity of government to provide anywhere near close to what was needed in stimulus spending.
\nThen there is acute debt distress, and seriously high inflation at the back of global aggregate supply shock, and accentuated by a world of rising conflicts, mainly in Ukraine, and the Middle East.
\nIbrahim Qureshi said that even though Pakistan\u2019s economic crisis in 2022-2023 is a recurring factor in the country\u2019s political unrest, it has a history of ignoring the nation\u2019s true issues, which include poor governance, a broken judicial system, outdated laws, complicated tax system, lack of transparency, duplication in the government system, ineffective bureaucracy, improper use of our human, natural and water resources, lack of efficient local government, inadequate data for country\u2019s planning, and the consistent flaws in policies in execution by the government departments.
\nPakistan\u2019s GDP growth rate has always remained below its potential despite efforts to boost economic growth. The APBF President said that the development of important sectors and investment prospects was hampered by inadequate revenue collection, structural problems, and governance issues.
\nSince it has been causing serious governance and economic issues for years, the cost of goods, food, petrol, and other necessities has increased, and inflation has almost reached 45 per cent, which is not bearable for the common man. On the other hand, there has been an increase in dissatisfaction among the public that no state institution is performing well and to save them from the haughtiness and bad administration pervasive in the system.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The All Pakistan Business Forum (APBF) has asked the new government that its strategies should not only focus on short-term gains but also encompass a long-term vision for sustained progress. He emphasized that such transparency from the government is crucial for instilling confidence in the business community and investors. The APBF President Syed Maaz […]<\/p>\n","protected":false},"author":2,"featured_media":197698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-392836","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n