Documented economy vital for sustainable development: President Alvi

ISLAMABAD: President Dr. Arif Alvi here on Thursday said that documentation of economy was vital for sustainable development and progress of the country, ARY News reported.

Addressing an award-distribution ceremony under the auspices of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Islamabad, President Alvi said, “The process of documentation should be easy and simplified so that the traders do not need services of lawyers for completing the process.”

He said that Pakistan Tehreek-e-Insaf (PTI) led government introduced reforms in Federal Board of Revenue (FBR) to broaden tax base.

Earlier on June 28, State Minister for Revenue Hammad Azhar holding the previous governments responsible for current economic turmoil had said the present government was taking the economy towards stability.

This he had stated while addressing on the floor of the National Assembly. Hammad Azhar had said that the PML-N government had put the economic stability of the country at stake during its last two years in power.

He had pointed out that Foreign Exchange Reserves declined by ten billion dollars in the last one and half year tenure of PML-N, the current account deficit also soared to 20 billion dollars during their tenure, adding that the circular debt of 1140 billion rupees was left behind.