‘Urban clusters can serve as engine of economic growth’

LAHORE: Punjab Finance Minister Dr Ayesha Ghaus Pasha has said that urban clusters, housing 40 percent of the population, can serve as the engine of economic growth and provide employment to labour force if their potential is fully developed.

She was addressing a summit “CFO Summit 2016” under the theme “CFO – A journey against the Wind” organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP).

In order to develop potential of urban clusters, the government needs to improve mobility and provide low-cost housing, clean drinking water and sanitation, she said.

Pasha said priority is also being given to funding projects in these areas.

Prominent among these are mass transit facilities, low-cost housing schemes, drinking water supply schemes and sanitation facilities.

Such projects would help develop dense, multifunctional urban areas that attract investment and create jobs due to economies of scales and a more skilled labour force in the urban clusters.

Pasha also highlighted top priority areas regarding education.

Moreover, she said that with the confidence that the allocation for education this year was 27 percent of the budget volume.

Qaiser Ahmed Sheikh, MNA and chairman of the Standing Committee National Assembly for Finance, said the government is alive to the deteriorating state of affairs and is in the process of taking a number of measures to put the financial and fiscal house in order.

Beaconhouse National University Vice Chancellor Shahid H Kardar said that transparency has improve after the accounting and audit functions were separated through creation of a separate organisation for maintenance of accounts of the federal, provincial and district governments.

He said segregation not only removed conflict of interest situation, but also facilitated transparency and independence of both the functions.

“Today, I would talk about efforts of both organisations, in promoting good governance issue,” he added.

Kashif Mateen Ansari, president of ICMAP, said, late Muhammad Shoaib established the Institute of Cost and Management Accountants of Pakistan in 1951.

Over a period of 66 years, the Institute of Cost and Management Accountants of Pakistan has over 5,000 members, who hold senior positions in trade, commerce, industry and government in the country and abroad.

The number of active registered students is around 15,000, which makes Institute of Cost and Management Accountants of Pakistan one of the largest professional institutions in Pakistan.

Muhammad Iqbal Ghori, FCMA Vice President, Institute of Cost and Management Accountants of Pakistan and Khawaja Ehrar ul Hassan, FCMA Honorary Secretary, Institute of Cost and Management Accountants of Pakistan, said Pakistan’s tax setup is more pro-rich than pro-poor.

Resultantly, the rich paid less tax than they should and poor were compelled to pay taxes despite the fact that they had a very low capacity to pay.