ISLAMABAD: Vice President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Saturday stressed the need for announcing a budget that can trigger economic activity and growth in the country.
Speaking to business community at FPCCI Capital Office, Iftikhar Ali Malik said also called for making focused efforts to mobilize domestic resources for the development of the country.
Secretary General SAARC CCI Iqbal Tabish, Chairman Media Malik Sohail and others were also present on the occasion, said a statement issued by the Chamber here on Saturday..
Malik proposed a powerful economic revival council comprising former finance ministers, the Governor of SBP, Chairmen FBR, judges, business leaders, and technocrats which can guide government on economic matters.
The veteran business leader was of the view that high interest rates and inflation are the natural outcome of borrowing which must be curtailed.
He called for extending loans to the productive developmental sector , he observed.
Iftikhar Ali Malik said that tendency of printing money is damaging all efforts to stimulate growth while critical infrastructure continues to suffer.
He said that energy crisis is result of mismanagement as defaulters continue to enjoy electric supply.
Priority should be given to education, health, and water supply, unproductive expenditure should be reduced and printing currency should be stopped to guarantee gradual improvement, he remarked.
He said that business community is looking forward for a balanced budget which can turn around economic situation.
At the occasion, Malik Sohail said that authorities should ensure that overall deficit does not exceed 5 per cent of the GDP.
The PSDP should be two per cent of the GDP which should not be axed due to political considerations.
Government should aim to redistribute the benefits towards poor and all general subsidies should be immediately replaced with targeted subsidies, said Sohail.
Malik Sohail said that influential sectors should be taxed in the budget while small traders should be spared.
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