Advisor to Prime Minister on Finance Abdul HafeezSheikh Thursday constituted a high powered committee to rectifyanomalies in the budget for addressing the legitimate grievances of thebusiness community to boost up the economic and trade besides ease ofdoing business
Islamabad (Pakistan Point News / Online - 20th June, 2019) Advisor to Prime Minister on Finance Abdul HafeezSheikh Thursday constituted a high powered committee to rectifyanomalies in the budget for addressing the legitimate grievances of thebusiness community to boost up the economic and trade besides ease ofdoing business.He expressed these views while talking to an 18-member delegation ofFederation of Pakistan Chambers of Commerce and Industry (FPCCI) who calledupon him under the chair of its President Engineer Daroo Khan.
Advisor toPrime Minister on Commerce Abdul Razak Dawood, Advisor to Prime Minister onAusterity Dr Ishrat Hussain and FBR Chairman Shabbar Rizvi and other highranking officials were also present on this occasion. From FPCCI side,Patron in chief UBG SM Muneer, United Business Group (UBG) Iftikhar AliMalik, former FPCCI President Zubair Tufail, SVP Mirza Ikhtiar Baig,Senator Haseeb Khan, Eng M A Jabbr and all Vice Presidents were alsothere.
Giving an overview of the economic indicators the PTI government facedafter coming into power, Dr. Abdul Hafeez Shaikh said incumbent governmentinherited 31000 billion rupees as domestic debt and foreign loans werehovering around 100 billion dollars. He said foreign reserves stood at lessthan 10 billion Dollars while exports in last five years registered zeropercent growth. He said trade deficit was touching the mark of 20 billiondollars while fiscal deficit had reached at a staggering amount of 2300billion rupees.
Besides, circular debt was increasing by 38 billion rupeeseach month.Abdul Hafeez further said our thrust will be on manufacturing rather thantrading as it creates more job opportunities for people. He said privatesector will be motivated to create jobs by giving them tax breaks on newhiring. He said that FPCCI and top leaders of private sector have alsobeen proper representation in the committee to make it effective forum todeliver the goods timely.
