LONDON, Jun 15 (APP):Pakistan Britain Business Council (PBBC) has appreciated Pakistan’s Budget for the Fiscal year 2020-21 and termed it a balanced one without new taxation, despite difficult situation, whilst recognizing the need for dramatic and rapid action.
In a statement, the PBBC Chairman and Chief Executive officer (CEO) Julian Hamilton Barns Monday observed that in these difficult times when the world was fighting the coronavirus pandemic and facing economic meltdown, introducing the budget was not an easy task for the government of Pakistan.
“With its fragile economy, international financing pressure would normally be on Pakistan focusing on improving tax collection and fiscal conservatism. Rather it is time for the opposition and government to provide immediate funding and support to its people to see the pandemic through and to ensure the economy bounces back quickly, instead of languishing and stagnating for a number of years to come”, Julian Hamilton Barns said.
He further said notwithstanding these conflicting forces Pakistan government has issued a balanced budget without new taxation whilst recognising the need for a rapid action.
“Significantly the government has focused on those that need support the most, namely those with low income and setting aside funding for the alleviation of poverty which in turn is a vital feature in addressing marginalization and extremism but the amounts set aside for addressing the impact of the pandemic are wholly insufficient and government needs to provide further funds as a matter of extreme urgency”, he observed.
He urged that whatever the position Pakistan government was sitting between a rock and a hard place and it desperately needs engagement and support from the international finance agencies who must take a sympathetic
view and provide financial support on beneficial terms without delay.