A high-level delegation representing chambers of commerce and industry from across Pakistan met with Prime Minister Muhammad Shehbaz Sharif in Islamabad to present proposals for the upcoming federal budget. During the meeting, the prime minister issued directives to the Federal Board of Revenue (FBR) to resolve all pending tax refund cases by June 15, aiming to alleviate difficulties faced by the business community.
Economic Stability and Growth
Prime Minister Shehbaz Sharif highlighted that the national economy has achieved stability due to the government's continuous efforts and effective policies. He assured that additional measures would be taken to ensure faster economic growth, with further facilities to be provided in the upcoming budget to promote industrial production and business activities.
Export-Led Growth Strategy
The prime minister emphasized that export-led economic growth remains the government's core mission, which will be achieved through collective efforts. He welcomed the decision by banks to maintain the export refinance scheme rate at 4.5% until June 2027, despite the recent increase in the policy rate, noting that this would benefit exporters.
Administrative Decisions
PM Sharif also instructed the relocation of the head office of Pakistan Revenue Automation Limited (PRAL) to Karachi to facilitate the business community. Additionally, approval was granted to establish a passport office in Gujrat, responding to requests from overseas Pakistanis and traders.
SME Sector and Electric Vehicles
During the meeting, the development, reforms, and facilitation of the SME sector were described as key components of the government's economic agenda. The prime minister urged local investors to promote domestic production of electric vehicles through joint ventures.
Appreciation for Diplomatic Efforts
Delegation participants appreciated the diplomatic efforts of the prime minister, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir in reducing tensions in the Gulf region and promoting peace.
Business Community Support
Representatives of the business community assured full cooperation with the government, stating their commitment to promoting Pakistan's economic growth and increasing employment opportunities. The delegation welcomed the launch of a loan scheme under the 'Prime Minister Apna Ghar Programme' for low and middle-income groups on easy terms. Participants also thanked the government for reforms in the Export Development Fund board, the successful privatisation of Pakistan International Airlines, the digitisation of FBR, and initiatives such as e-invoicing.
