Karachi
\nMian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, has commented on the 11 milestones recently outlined by the International Monetary Fund (IMF) as part of the ongoing $7 billion Extended Fund Facility (EFF).
\nIn a statement issued today, Mian Zahid Hussain observed that while the recently emphasized milestones aimed at curbing corruption and enhancing transparency are steps in the right direction, the government must ensure that the \u201cstructural overhaul\u201d does not translate into further suffocating the already struggling business community.
\n\u201cThe IMF\u2019s demand for asset declarations of high-level civil servants and a crackdown on elite capture in the various sectors of the economy addresses long-standing structural rot that has plagued our economy,\u201d Mian Zahid stated. \u201cHowever, we must be cautious. The demand for a new tax reform roadmap and aggressive changes in the power sector must be managed without increasing the cost of doing business, which is already regionally uncompetitive.\u201d
\nThe veteran business leader noted that the IMF has expanded its requirements to 64 conditions in just 18 months, signaling a deep trust deficit. He highlighted that while the privatization of DISCOs like HESCO, TESCO, QESCO and SEPCO is necessary to stop the bleeding of national resources, it must be executed transparently to avoid creating private monopolies that could further burden consumers and industries.
\nMian Zahid Hussain, warned that if the government resorts to a \u201cmini-budget\u201d or higher excise duties to meet revenue shortfalls\u2014as hinted in the new conditions\u2014it would be disastrous for the manufacturing sector and public at large.
\n\u201cOur industries cannot bear the burden of further taxation,\u201d he asserted. \u201cThe FBR\u2019s reform roadmap should focus on broadening the tax net to include untaxed sectors rather than squeezing the existing taxpayers. We need the Single Digit Policy Rate and reduced energy tariffs to revive industrial activity, not more fiscal tightening.\u201d
\nHe concluded by urging the Ministry of Finance to maintain open communication with the business community while implementing these phased reforms. \u201cTo satisfy the IMF, we cannot kill the local industry. The government must demonstrate political will to cut its own expenditures and end the culture of subsidies for the elite, rather than passing the buck to the common man and the business sector,\u201d Mian Zahid added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, has commented on the 11 milestones recently outlined by the International Monetary Fund (IMF) as part of the ongoing $7 billion Extended Fund Facility […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-520662","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n