PBF Calls For Documentation Of Economy

PESHAWAR, (UrduPoint / Pakistan Point News - 26th Jan, 2023 ) :Senior Vice President, Pakistan business Forum (PBF), Riaz Khattak on Thursday called for the documentation of economy to bridge the fiscal deficit.

In a statement issued here, he urged the KP chambers of commerce to form a high-powered Budget Advisory Council to suggest budgetary measures � both on revenue and expenditure sides and share with us.

Riaz Khattak urged the government to bring undocumented and informal sectors in documentation to evaluate actual size of the economy and amount of revenue which is out of the tax net.

Similarly, PBF Provincial Executive Committee of KP has also identified the most serious challenges that need to be tackled in the upcoming budget that was the undocumented or informal sector of the economy; which was the main cause of structural weaknesses; and a resistant to any policy-induced reforms.

The Vice Chairman PBF KP chapter Malik Fareed highlighted the widening trade deficit; which has increased significantly; and it was required to take strong and out-of-the-box measures to shrink the gap which was continuously putting pressure on foreign reserves.

He suggested industrialization and import substitution as the solution to overcome trade deficit and pointed out that IT industry has the potential to bring foreign exchange; but, the sector was still not fully tapped.

The council observed that the SMEs sector of Pakistan has improved and producing quality products and now was the time to support the sector.