Tuesday, October 4, 2022

Govt mulls to introduce ‘solution-oriented’ budget

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ISLAMABAD: Finance Minister Asad Umar on Tuesday said that the government would soon introduce changes in the budget to make it more relevant to the state of economy and vision of the new government.

“The government wants to address the issues of twin deficits on a long term basis and the key to the problem lies in promoting manufacturing industry and creating jobs for the youth. This is the area where Overseas Chamber could assist and lead the way,” he said in a meeting with a delegation of Overseas Investors Chamber of Commerce and Industry led by its President Irfan Wahab Khan, who called on him in Islamabad.

The minister said that the government was holding consultation for setting up the Business Advisory Council to establish a liaison between the government and business community to make the country regional hub for investors.

He said that it was his vision to introduce latest technology in tax system to reduce hassle and bring in more transparency to the system.

Read More: Imran asks overseas Pakistanis to send remittances via banks to strengthen economy

Asad Umar said the government was firm on its commitment to address the key structural issues of Pakistan’s economy.

He also assured the delegation of his all possible support in improving business environment in the country.

The delegation shared its ideas and proposals to build the investors’ confidence for bringing in more investment to Pakistan.

The government of the Pakistan Tehreek-e-Insaf (PTI) has focused on bringing reforms in the economic sector to boost foreign investment in the country.

According to Khaleej Times report, Pakistan’s current account deficit stands at $ 18 billion, while its foreign currency reserves are just over $ 10 billion, enough to cover two months of imports, and Khan needed immediate overhauling of country’s economic tyre.

Earlier, in his maiden speech to the nation as prime minister of Pakistan, Imran Khan had asked overseas Pakistanis to send remittances to Pakistan to strengthen the economy.

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