Pakistan's economy is on ventilator: Asad Umar
Trying to improve its condition to give public relief.
ISLAMABAD (Dunya News) – Federal Minister for Finance, Revenue, and Economic Affairs Asad Umar on Friday said that "Pakistan’s economy is on ventilator, undergoing heart bypass surgery" as government is trying to improve its condition to give public relief.
Finance Minister said this at an event held at Islamabad Chamber of Commerce and Industry (ICCI) where he met traders and discussed the condition of the national economic plan.
Addressing the ICCI, minister said that corruption factor destroyed the Islamabad’s physical master plan but now traders union has to implement new economic master plan to generate employment opportunities and revenue.
In response to a question regarding meeting with International Monetary Fund (IMF) delegation, Asad Umar said that IMF and Pakistan officials are meeting as routine matter and that Pakistan does not intend to ask for any new loans from the global funding institution right now.
However, he said that whenever Pakistan would need to start a new programme with IMF, the current negotiations would act as a base for it.
Earlier, in his address to business community, the minister said the government was working to separate the tax policy and tax connection functions as part of tax reforms to facilitate the taxpayers.
He said a Tax Policy Board would be formed and business community would also be given representation in that Board.
The minister was addressing business community here at Islamabad Chamber of Commerce & Industry after inaugurating the newly constructed Export Display Centre (EDC) building of ICCI.
Asad Umar urged upon ICCI to develop a Master Economic Plan of Islamabad keeping in view the natural endowments of this region and share it with the government so that the available endowments of the region could be exploited for the economic development of Islamabad.
He said ICCI should also prepare recommendations to guide the government which types of industries should be set up in the planned Especial Economic Zone in Islamabad.
However, he said that Islamabad has good potential for ICT industry as 27 higher education institutes were producing educated youth including IT professionals in the federal capital.
Asad Umar said that the economy was undergoing bypass and would improve with the efforts of the government. He said government was working on a plan to provide 100-million-gallon water per day to Islamabad that would resolve water shortage issue and would also benefit the local industry in Islamabad. He assured that the government would cooperate with ICCI for new industrial estate in Islamabad.
Speaking at the occasion, President, ICCI Sheikh Amir Waheed said that a new industrial estate was badly needed in Islamabad for industrialization as there was no further space in the available industrial estates for setting up new industries. He urged that the government should provide suitable land in Islamabad for this project.
He said almost 90 percent issues of trade and industry were related to CDA and government should appoint sitting President ICCI as member of CDA Board that would help in smooth resolution of key issues of business community. He also briefed the Federal Minister for Finance about the purpose of constructing Export Display Centre and hoped that it would contribute towards promoting exports of the region.
.. with inputs from APP
