Vice President Chief Organizer, Pakistan Business Forum (PBF), Chaudhary Ahmad Jawad has said that there are more chances that Pakistan will not be able to finish the IMF program that ends at the end of June. However low foreign exchange reserves and steep debt repayment schedule for fiscal year 2024, which begins in July, the nation faces a larger balance of payments crisis in the coming year.
In interaction with media persons here on Sunday, he said that international powers have pitted Pakistanis against one another and are attempting to capitalize on the country’s internal division.
“With China, Iran, and India as neighbors, our geographical situation is the best in the world. By capitalizing on the significance of our location, we stand a chance of becoming the richest nation in the world. However, we did not act as,” he added.
Jawad stated that for a nation of 250 million people, the situation would have gotten too close to the edge for too long if funding support did not arrive quickly or if there was no other option.
PBF, on the other hand, believes that for the economic revival, it is time to select option “B.” Because the IMF was not the answer for any economy,
The PBF maintained that the only indigenous solution that can steer Pakistan out of the crisis is one that adheres to a few fundamental principles, such as simplifying and broadening the tax base rather than squeezing the current taxpayers and harassing business and industry. In this regard, the 2023–2024 tax goal is appreciated.
In addition, in order to manage export earnings due to a lack of funds, they request targeted subsidies for the five export-oriented sectors of textiles, IT, leather, sports, and surgical goods in electricity and gas tariffs to make them competitive through a regionally competitive energy tariff mechanism.
They say that the government should also help remittances by bridging the exchange rate gap between open markets and banking channels and protecting the assets of Pakistanis living overseas.
They also include measures to encourage industrialization, export substitution, and the revival of sick units—.INP
