Business- and People-Friendly Budget for Fiscal Year 2023-24
- Finance Minister Ishaq Dar acknowledges the challenges faced by the economy and emphasizes that it will take time to address them effectively.
- In 2017, Pakistan's economy was performing well with high foreign reserves, low inflation, and strong stock markets. However, political instability caused a decline, dropping Pakistan's economy from 24th to 47th position in 2022.
- Dar assures that the most difficult reforms have been implemented and Pakistan will overcome the economic crisis through an agricultural revolution and a focus on IT.
- The government pledges full cooperation with the business community and promises to accept reasonable demands while emphasizing the need to keep the wish list limited.
- The government will introduce a business- and people-friendly budget for the fiscal year 2023-24, aiming to address the problems faced by the business and industrial sectors.
- The previous government's violation of international commitments has put a burden on the business community and common people, leading to high electricity and gas tariffs and general inflation.
- Dar criticizes those who predict Pakistan's default and assures that Pakistan is a sovereign country with significant assets to cover its external debt.
- The delay in the IMF program revival is termed "unprecedented," but the government's priority is to fulfill all sovereign commitments on time.
- The Karachi Chamber of Commerce & Industry (KCCI) presents recommendations to efficiently deal with hurdles hindering trade, economic growth, and corruption.
- Issues such as the exhaustion of foreign exchange for essential imports, arbitrary clearance of import documents by banks, and a clear policy for payment clearance need to be addressed.
- The treatment of unregistered buyers with provided CNIC numbers should be aligned with STRN, and the three percent further tax on supplies to unregistered buyers should be waived.
- Pakistani exports have declined compared to regional competitors like India and Bangladesh due to a high cost of doing business. Efforts should be made to reduce costs and regain export market share.
- The recession in the UK and the US is not expected to significantly impact Pakistani exports, as Pakistan is a low-end supplier.
- Minister of State for Finance & Revenue Dr Aisha Ghous Pasha is present along with others during the meeting.
- The government is committed to stabilizing the economy and fulfilling its responsibilities to save Pakistan's credibility.