Islamabad:
Pakistan received an encouraging response from ambassadors of many countries who appreciated the Special Investment Facilitation Council (SIFC) for effectively addressing the red tape challenge and facilitating business.
Pakistan faces criticism from foreign investors due to policy inconsistency and obstacles created by political bureaucracy and political governments.
SIFC has ensured policy continuity and has been able to address the concerns of foreign investors. He has also given assurances to speed up work on the projects being executed in the country.
Chief Minister Shehbaz Sharif, in a recent meeting, appreciated the strong SIFC mechanism, which had effectively tackled the issue of red tape and ensured ease of doing business.
The prime minister disclosed that the ambassadors of many countries had appreciated the role of SIFC.
He underlined the need for a “Charter of Solidarity and Economic Progress” to put the country back on a path of economic expansion and political stability.
He emphasized that Pakistan’s economic and financial position is gradually improving.
Reading IBC invites Pakistani investors
In this regard, he said that during the period from April 2022 to August 2023, the government provided great relief and saved the country from bankruptcy, which allowed the successor caretaker government to effectively cooperate with the IMF and continue successfully the loan program.
As a result of such efforts, the Prime Minister added, market confidence was increasing and the economy was continuing its recovery on the basis of prudent fiscal policies.
He expressed satisfaction that the second review of the International Monetary Fund (IMF) was successfully completed, but stressed the need to free the country from all external debt as the government’s policy was to facilitate and promote foreign investment instead of relying on loans. For this purpose, viable proposals were being prepared for productive sectors of the economy.
Taking stock of the performance of various departments, Chief Minister Shehbaz said that gaps in service delivery and areas for improvement are being identified and steps are being taken to improve the efficiency of government services.
Discussing the obstacles to effective tax collection, he cited the large number of recovery cases, worth billions of rupees, pending in courts and tribunals for many years. He directed the law and justice minister to contact the relevant courts and district chiefs and ask them to approach and request the high courts to decide the cases on priority.
The Prime Minister briefed the cabinet about the reform initiatives being undertaken in the Federal Board of Revenue (FBR). In this regard, the Prime Minister himself presided over several meetings and it was decided that the reforms would include 100% digitization of the FBR. In addition, international consultants will be recruited by the third week of April 2024.
He stressed that honest officers will be appreciated and rewarded but corrupt ones will not be tolerated.
He argued that the existing taxpayers should not be squeezed beyond the limits, as it was completely counterproductive, but the tax base should be broadened. The Minister of Finance and Revenue was asked to oversee the project.
It was pointed out that a committee, headed by the deputy chairman of the Planning Commission, has been set up to present a practical plan to reduce government expenditure. Cabinet had been informed that discussions were ongoing and a committee report with recommendations would be presented next week.
Published in The Express Tribune, March 30u2024.
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