AS the National Assembly is continuing its discussion on the budgetary proposals for the next financial year, Finance Minister Ishaq Dar, the architect of this blue-print for national self-reliance, receives compliments from different stakeholders for his deft-management of the economy and his firm resolve to bring the economy back on track with or without the clutches of the International Monetary Fund (IMF). There is no denying the fact that Dar was able to present an ideal budget in most difficult circumstances which satisfies not just different sectors but also sparks confidence among the people of Pakistan that the country has the potential to overcome its challenges.
The appreciation being showered on the Minister by his party leadership (as highlighted by Prime Minister Shehbaz Sharif’s categorical remarks that there was no place for those who criticize the Finance Minister), parliamentarians and representatives of different sectors of economy and strata of society is not without a reason. The country was at the verge of imminent default when Ishaq Dar was assigned the responsibility to manage the economy and he lived up to the expectation of the leadership and the people as he was able to avert a default and achieved a current account surplus in a prudent manner. He has now given a budget that has the potential to ensure stability and growth, taking advantage of the domestic resources and capabilities. It was because of his rightful optimism that the Minister informed the US Ambassador on Wednesday “Pakistan would remain afloat even without the IMF programme”. In fact, the new budget is based on a comprehensive strategy aimed at spurring growth, attracting investment, creating employment opportunities, especially for the youth and increasing remittances by Overseas Pakistanis. The right kind of incentives given to the IT sector would surely boost exports while the package announced for Overseas Pakistanis would encourage them to send more through official channels to help overcome foreign exchange crisis. The budgetary measures have the potential to reduce the fiscal gap in order to meet national as well as international financial obligations. The Senate and the members participating in the budget debate have proposed a number of recommendations, the incorporation of which can make a big difference as far as realization of the cherished objectives of providing relief to the masses and stimulating growth are concerned.
