PBF Urges Govt To Document Informal Sectors To Evaluate Actual Size Of Economy

QUETTA, (UrduPoint / Pakistan Point News - 31st Jan, 2023 ) :Chairman of Pakistan business Forum (PBF) Balochistan Chapter Engr. Daroo Khan Achakzai said that documentation of the economy is a must to bridge fiscal deficit.

Every year Pakistan faces a revenue shortfall to meet its current development expenditure and, ultimately negotiates with foreign funding agencies under strict conditions.

PBF Chairman added that under the aforementioned backdrop, this year PBF urged the government to bring undocumented and informal sectors in documentation to evaluate the actual size of the economy and the amount of revenue that is out of the tax net.

In the PBF provincial executive committee meeting, the committee members shared their comments on the future of Pakistan's economy and formulation of budget 2023 � 2024.

The PBF identified the most serious challenges that need to be tackled in the upcoming budget 2023�24 are the undocumented or informal sector of the economy; which is the main cause of structural weaknesses; and, resistance to any policy-induced reforms.

Sana Durrani, Vice Chairperson PBF, highlighted the widening trade deficit; which has increased significantly; and, it is required to take strong and out-of-the-box measures to shrink the gap which is continuously putting pressure on foreign reserves.

She suggested industrialization and import substitution as the solution to overcome the trade deficit and pointed out that IT industry has the potential to bring foreign exchange. The council observed that the SMEs sector of Pakistan has improved and producing quality products and now is the time to support the sector.