Debt repayments constituting a major challenge, moot told

KARACHI: During the CFO Conference 2023, organised by Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP), the Minister of State & former president of ICAP Ashfaq Yousuf Tola said that taxation should be applied on individuals, who have not cooperated in past.

While discussing the future of Pakistan’s finance sector & industries in a panel discussion with Amjad Waheed (CEO NBP Funds), Dr Kaiser Bengali (Economist) and Prof Dr Huma Baqai (Rector Millennium Institute of Technology & Entrepreneurship), Ashfaq Yousuf Tola believed that continuous loans had increased the expenditures of Pakistan as most of its wealth goes in debt payments.

He also explained that disruption in political leadership weakened the economy during the past decade. The panel unanimously agreed that serious actions are required to stabilise the economy, and CFOs can play a vital role in uplifting Pakistan.

Dr Kaiser Bengali asked the future CFOs to not only focus on fostering the business structure of a particular organisation but also build strong financial policies for the country by keeping a sharp eye on worldly affairs.

Amjad Waheed pointed out that policymakers paid the least attention to critical sectors like health, education, science & technology, and development.

He added that it’s about time the leadership should formulate a concrete plan for these areas, and CFOs can be a vital part of that planning.

The panel discussion also added that the business community of Pakistan remained unheard, and a roadmap is required to tackle debt expenses.

The CFO Conference 2023 brought together a number of vital discussions on especially incorporating technology in the finance sector and equipping CFOs with the required digital skills.

This year the conference roamed around the theme Resilient CFO - Balancing the Agenda for Tomorrow, where Chief Financial Officers got to know the importance of their role in organizations and how they can effectively manage their strategic priorities.

Copyright Business Recorder, 2023