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June 16, 2019

Budget reflects IMF wishes: IWCCI

Islamabad

June 16, 2019

Islamabad: The Islamabad Women's Chamber of Commerce and Industry (IWCCI) on Saturday said the recently-announced budget has left masses and business community disappointed.

It has also added to the miseries of man on the street who were already finding it difficult to fulfill their basic needs, it said.

Masses were anticipating some relief in the budget but it proved to be a major destabilizing factor, said Samina Fazil, founder president, IWCCI. Speaking to female entrepreneurs, she said that budget is according to the wishes and aspirations of the IMF and its negative impact has started overwhelming the country.

Samina Fazil said that revenue targets are based on expectations which will push FBR to harass the business community and choke the growth.

The government is aiming to substantially increase its tax revenues and set tax collection target of Rs5.55 trillion for the FBR which is wishful thinking.

The budget may promote informal banking, corruption, and depression among the business community as well as the disappointed masses, she said.

She noted that that government has announced to tackle circular debt which will again surface if the energy mix of the country remained tilted towards imported fuel.

Economic managers have made everything including education more costly which will hurt low and middle-income groups and contribute to child labour, she noted.

She said that majority of the population use public transport or motorcycles, therefore, the proposal to impose taxes on them should be reversed.

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