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Karachi, Mian Zahid Hussain, the Chairman of National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister, commented on Wednesday about the government’s limitations in providing relief due to the current economic state and IMF sanctions. He emphasized the importance of broadening the tax base by targeting influential sectors to offset the deficit and ease the burden on ordinary citizens.
Hussain noted the upcoming IMF review in November, suggesting the government’s crucial strategy to provide any relief lies in increasing tax revenue. He referenced a recent World Bank report highlighting Pakistan’s growing budget deficit and stressed the urgency of addressing it.
In a discussion with the business community, Hussain advocated for improving the tax system instead of continual borrowing. He proposed taxing influential sectors, including agricultural income, real estate, and the retail and wholesale industries. Such an approach, he argued, would generate significant revenue, thereby reducing the country’s dependence on strict loan terms. This additional income could then be directed towards assisting the general populace, and potentially easing conditions linked to remaining IMF loans.
Hussain underscored the irony that while the economically disadvantaged did not contribute to the nation’s financial downturn, they bear the brunt of its consequences. He called attention to the detrimental roles of powerful political entities and voiced hopes for systemic reforms.
Highlighting the decline of Pakistan’s economic stature, Hussain detailed the challenges faced by its citizens. Rising costs and unemployment are pushing families to abandon urban living, leading to an educational and employment exodus that threatens future generations.
With elections on the horizon, he urged citizens to question politicians about the nation’s economic direction, emphasizing the importance of equitable taxation reforms. Without this, Hussain warned, meaningful change remains elusive, and citizens will continue to face hardships. This information was provided by the Pakistan Businessmen and Intellectuals Forum.
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