Steps of caretaker government, ECP resulting in stability: Mian ShahidApril 1, 2013
Islamabad: Business community is pinning high hopes on caretaker government and the Election Commission of Pakistan ECP whose decisions are resulting in stability.
Rupee is showing signs of stability against the dollar despite repayments to IMF which has not only amazed many analysts but also renewed hopes among business community, said Mian Shahid, Chief Executive of the Saudi Pak Insurance Company.
Speaking at Fikr-e-Farda Forum, he said that apart from the government and ECP, some steps of the central bank have discouraged speculations that have also contributed to the stability of rupee that was sliding since years.
Mian Shahid said that government should try to initiate dialogue with IMF to get loan rescheduled or get another Standby Credit Facility to ward off looming economic threat and pull out economy for distress to revive GDP growth.
Lessening unproductive expenditure, removal of the unjust tax exemptions, improving tax collection, a proper property tax, tax on services, six per cent hike in development expenditure, settling circular debt and deficit are some steps that are urgently needed, he said.
He said that the former government’s decision to expedite work on Iran gas pipeline was its great achievement as our survival is linked to that project.