PBC hails dialogue initiative for unanimous national economic agenda

ISLAMABAD:Pakistan Business Council (PBC) has welcomed the initiative taken by the government and political parties in parliament to start dialogue to develop consensus for a national economic agenda.In a message the council expressed deep concern over the prevailing economic situation of Pakistan,however it said PBC has been greatly encouraged by the initiative, private media reported.It said that the economic problems are perennial and complex, but PBC sincerely hopes that the process of dialogue will lead to urgent and effective measures.The council assured strong support to the dialogue process and recommended a few suggestions for incorporation in national economic agenda.It called for critical reform decisions on war footing to address the energy crisis, price distortions, production and distribution inefficiencies and to develop indigenous energy resources.It further suggested that urgent and concrete steps should be taken to sharply reduce finance deficits, overhaul tax and tariff structure and bring all sectors into a uniform documented tax net.The council recommended that the government and political parties should ensure reform and restructure public sector enterprises by starting with transparent appointment of capable and professional top management and boards and empowered them to take necessary actions.It said waste in government expenditure and non targeted subsidies should be eliminated.PBC also recommended significant increase in education, health and income support expenditures and targeted subsidies for the most vulnerable segments of the society.

The council hoped that by giving right policy environment, Pakistan can become a dynamic economy.PBC is not for profit institution, its objectives include proposal of policies that will accelerate Pakistan’s economic growth.PBC includes Pakistan’s largest corporations business groups including multinationals, SIEMENS, UBL, HBL, Allied Bank, Lakson Tobacco, Toyota Indus motor company, GSK, Lucky Cement, Standard Chartered, Abbott, Gul Ahmed and other industrial groups – APP