The Pakistan Business Council (PBC) on Thursday urged the policy-makers in the parliament to finalise their economic reform agenda urgently and start its implementation. The PBC supported the multi-parties dialogue on economic reforms.
At a press conference Abdul Razak Dawood, Mian Muhammad Mansha, Asad Umer, Ehan Malik, Sikandar Mustafa Khan, Sohail Wajahat Siddiqui, Kamran Mirza and other members of PBC expressed their concerns at the prevailing economic situation in Pakistan. Mian Muhammad Mansha said that all the issues could be resolved only with good governance at all levels.
Abdul Razak Dawood said that the tax base should be increased in the country and all sectors should be brought under the tax net. He also favoured Pak-India trade and said it would be positive for Pakistan economy. Asad Umer, in his detailed presentation on "Pakistan Economy Review and Recommendations" highlighted major economic issues and gave recommendations to resolve them.
It was elaborated that PBC has been greatly encouraged by the initiatives, taken by the Government of Pakistan and the political parties in Parliament, to initiate a dialogue to develop consensus for a national economic agenda. While the economic problems are perennial and complex, PBC sincerely hopes that the process of dialogue will lead to urgent and effective measures. The Pakistan Business Council strongly supported this political dialogue and suggested some recommendations for the formulation of the core of national economic agenda.
The first recommendation was that on a war footing the government needs to address the severe energy crisis by taking critical reform decisions which tackle pricing distortions; production and distribution inefficiencies; remove bottlenecks for urgently needed imports and develop the indigenous energy resources.
PBC also proposed the government to take urgent and concrete steps to sharply reduce public finance deficits by overhauling the tax and tariff structure and bring all sectors into a uniform documented tax net. Further it recommended reforming and restructuring public sector enterprises, starting with the transparent appointment of capable / professional top management and boards which would be empowered to take the necessary actions; eliminating waste in government expenditure and phasing out broad based non targeted subsidies which unnecessarily benefit the well off also.
PCB members urged to significantly increase education, health and income support expenditures (targeted subsidies) for the most vulnerable segments of the Society. In conclusion it was reiterated that PBC believed that Pakistan's economy is endowed with exceptional human and natural resources. Given the right policy environment, Pakistan can become a dynamic economy that meets the aspirations of all its citizens in not too distant a future.
The Pakistan Business Council is a non-political, Not-for-Profit institution. The PBC's objectives include proposal of policies that will accelerate Pakistan's economic growth. The PBC includes Pakistan's largest corporations / business groups including multinationals.