The trade and industry has welcomed the appointment of Dr Abdul Hafeez Shaikh as Advisor to the Prime Minister on Finance. The Patron In-Chief, Korangi Association of Trade and Industry (KATI), S M Muneer, Chairman, Razzak Hashim Paracha, Vice Chairmen, Amjadullah Khan and Najmul Arfeen in a statement said that the predecessor of Shaukat Tareen would strive hard to clear a mess in the financial matters and would create a fiscal discipline within the government.
"The trade and industry is expecting a strong fiscal policy from Dr Shaikh who has a vast experience of giving effective fiscal policies in various countries. The country's economy is at its lowest ebb, non-performing loans have gone out of proportion, government's spending on non-development expenditure is extremely unrealistic and not matching the bad financial health of the country, massive pilferage of revenue in FBR is continuing unabated as according to Shaukat Tareen about Rs 600 billion are pilfered from FBR every year.
If this pilferage is plugged by Hafeez Shaikh, the country would be back on its feet, observed members of Korangi Association of Trade and Industry (KATI). The business leaders assured Dr Shaikh of their support if some lines are drawn within the finance ministry and the government and an establishment of a fiscal discipline.
"The country is facing an extremely hard time as industry is closing down, dwindling exports, people are suffering due to ever increasing electricity and gas tariff, POL prices and all other utilities but there is no stop on government's lavish expenditure", Paracha said adding that Dr Shaikh should play a role in halting frequent increases in power tariff.
The President, Pakistan Business and Intellectuals Forum (PBIF), Mian Zahid Husain also hailed the appointment of Dr Hafeez Shaikh as Advisor to the Prime Minister on Finance hoping that he would give priority to the real issues and bring fiscal discipline in financial matters.-PR