Mohsin Siddiqui (Chief Reporter)
Prime Minister Shahbaz Sharif has instructed the Ministry of Finance to promptly explore the possibility of issuing Panda Bonds as a means to strengthen Pakistan’s depleting foreign exchange reserves. These directives were issued during a ‘State of Economy’ meeting convened on March 4, 2024, underscoring the urgency of addressing economic challenges.
The Finance Ministry has been tasked with completing the process within two weeks, with the deadline set to expire by mid-next week. Additionally, it was decided to conduct regular meetings focusing on the economy to ensure economic stability, which is essential for sustained long-term growth and development.
Furthermore, the Federal Board of Revenue (FBR) has been directed to organize a ceremony honoring the best taxpayers and innovative exporters. Prime Minister Shahbaz Sharif will personally distribute certificates to those who have excelled in exporting new products or exploring new markets.
In a bid to curtail government expenses, the Prime Minister has also ordered a review of the compensation structure for boards of public sector companies. Presently, these companies incur significant expenses, including meeting allowances ranging from Rs35,000 to over Rs0.1 million, along with travel and accommodation allowances.
Additionally, FBR has been instructed to accelerate efforts towards comprehensive automation, reducing interactions between taxpayers and tax collectors while enhancing compliance. A detailed plan in this regard will be submitted to the Prime Minister’s Office (PMO) by the following week.
Efforts will also be made to broaden the tax base by incentivizing new taxpayers, rather than imposing additional burdens on existing compliant taxpayers. Simultaneously, robust measures will be implemented to combat corruption within the FBR.
Secretary Finance, Imdadullah Bosal, has been tasked with investigating the delayed acquisition of scanners for installation in factories despite clear directives to FBR.
Moreover, the Power Division has been given a one-month deadline to devise a plan for improving the power system to reduce losses, drawing inspiration from the successful Georgie model.
Finally, newly appointed Minister for Petroleum and Power, Dr. Musadik Malik, has announced plans to increase electricity consumption in winter, although specific details of the plan have not yet been disclosed.
