Karachi: Prominent businessman and Pakistan Business Group Founder President Faraz-ur-Rehman has said that unless we change the structure of the economy and reduce deficits, we will be stuck in the cycle of International Monetary Fund (IMF), the country is on the brink of disaster but now even important economic decisions are being made on political grounds which are astonishing.
In a statement issued to the media, Faraz-ur-Rehman said that many issues including revenues and expenditures were not clear in the federal budget. He strongly condemned the sharp rise in prices of electricity and petroleum products, saying that the rise in prices of petrol and diesel would have an impact on transport, agriculture and trade and would bring down the overall inflation rate by 30%.
He said that the governments should increase their resources and income to provide inflation and financial assistance to the poor. He also demanded from the government to withdraw the property tax imposed in the federal budget. Faraz-ur-Rehman said that a large number of overseas Pakistanis are investing in the construction sector; the proposed measure is tantamount to imposing tax on those who send dollars to the country, reviewing property tax to bring foreign investment in the country and restore investor confidence. Be done!
