PM’s decision to resolve issues of builders lauded. 73 percent reduction in CAD welcomed. Move to improve remittances supported.


(Dec 20, 2019)

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday lauded the decision of the Prime Minister Imran Khan to resolve the issues faced by builders and developers.

This sector is providing jobs to millions while around forty industries are depended on this sector which is facing multiple issues which is hindering its growth.

Talking to the business community, the veteran business leader said that PM has issued directives to resolve the issues of builders and developers including tax and price of inputs which will enable stakeholders of this sector to work with peace of mind.

The former minister noted that a reduction of 73 percent has been recorded in the current account deficit during the first five months of the current fiscal due to import compression.

The import bill has come down from $6.73 billion to $1.82 billion but discouraging imports only will not resolve the issue. It will require exports and encouraging remittances for which PM has constituted a high-powered committee.

The committee headed by Advisor Finance Dr Abdul Sheikh include Zulfiqar Bukhari, former minister finance Shaukat Tareen, Governor SBP Raza Baqir, and secretary finance which will chalk out ways and means to increase remittances through legal channels by encouraging overseas Pakistanis and local banks.

According to the World Bank, migrant economic remittances are an important and growing source of foreign funds for several developing countries. At present, these flows are more than double the official aid received by developing countries. If remittances sent through informal channels are included, total remittances could be as much as 50 percent higher than the official record.