Concern expressed over IMF desire to cut developmental budget by Rs360 billion, Interference in internal matters due to falling exports.

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April 08, 2016

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former Provincial Minister Mian Zahid Hussain on Friday expressed concern over desire of the IMF to cut developmental spending by Rs360 billion terming it against the interest of country.

A cut of 24 percent will hurt social sector, trigger restlessness and poverty therefore IMF’s proposal should be rejected and other ways should be adopted to reduce the budget deficit, he said.

Mian Zahid Hussain said that reduction in the spending from Rs1.51 trillion to Rs1.15trillion will be unfortunate as it will hit PSDP, ADP and grants etc.

He said that the situation is outcome of continued decline in exports which has reduced income of the government which can be reversed by introducing revolutionary reforms rather issuing statements.

Semi educated and dual national Export managers continue to issue flowery statements and focus on expositions and issue wrong statements about getting export orders worth billions of dollars. If these statements are considered correct, export could have increased to US$ 100 billion.

Veteran business leader said that export sector should be revived, provision of low cost and sustainable energy should be ensured, sales tax refunds worth billion of rupees should be released immediately while new markets should be explored.

He said that TDAP has become a dysfunctional institution which should be restructured and educated people with good reputation and experience should be appointed to boost external trade, he demanded.

He said that the incumbent chief of TDAP is using government funds to buy loyalties in the business community for the Specific Group while ignoring genuine exporters which is one reason behind the massive in export fall.

Departments responsible for exports should be cleansed with people of questionable repute, he demanded.Apr 08, 2016 U

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