Government expects $2-3 billion from World Bank, ADB: adviser

Punjab Governor Ch Muhammad Sarwar in a meeting with Special Economic Advisor Dr. Abdul Hafeez Sheikh, Advisor for Trade and Textile Abdul Razzak Dawood, State Minister Hammad Azhar, here Saturday said the government is framing long-term policies to put the country's economy on sound footings.
"It is for the first time that Special Economic Advisor, Advisor for Textile and Commerce, State Minister on Revenue, Provincial Finance Minister are present in the Governor's House to listen to the problems of business community," the Governor said, adding: "The government will act upon the promises it made with the business community. It is for the first time that government and business community are on the same page." He added that the government taking long-term concrete solutions to the prevailing problems instead of taking short-term measures.
Dr. Abdul Hafeez Sheikh said that signing agreement with the IMF and implementing their program efficiently will help us to come out of the economic crises. "We are expecting to get US $2-3 billion from World Bank and Asian Development Bank."
Hafeez said there are 4 to 5 such clauses in IMF agreements which are in the interest of under-privileged sections of Pakistan. "The IMF neither talked about the NFC nor it is their subject," he said.
Advisor to Trade and Commerce Abdul Razzak Dawood said on the occasion that ensuring prosperity is the main preference. The government is taking steps to boost investor's confidence while trade and business activities will be boosted because of Pak China business forum and connectivity. He also said that the government is creating ease of doing business for traders. For that matter, DTIR system is being strengthened.
State Minister for Revenue Hammad Azhar said that FBR needs a lot of reforms. He said that 57 percent of the tax collection goes to provinces. Federation, however, have set revenue target for this fiscal year and will meet it.
He said that tax amnesty scheme of the incumbent government is different from the previous governments under which declaration of assets will be assured and those who hold Benami accounts will be ceased.
Earlier, business community leaders met the economic team of the government and highlighted their problems apart from giving suggestions for fiscal budget 2019-20.