Economic team urged to follow proposals of the IMF cautiously…The Financial Daily 23/11/2020

The Union of Small and Medium Enterprises (UNISAME) apprehends harsh disciplining by International Monetary Fund (IMF) officials in forthcoming deliberations and urges Pakistan Economic team to be cautious to suggestions not completely suitable to country’s interest.
President UNISAME Zulfikar Thaver said fortunately or unfortunately it is time again for deliberations with IMF and it is going to be influencing the financial economy managers to increase discount rates, taxes, duties, levies and Pakistan will be obliged to follow advise and be convinced to follow their advice if not fully but mostly.
He said strangely our economy has inherent parallel pattern of undisclosed wealth, mafias and corruption which are deep rooted. The taxes will be thrust on those who are already paying and discount rates will impact the industrial base and increase cost of production. Recommendations of this nature need to be accepted after properly understanding our own drawbacks and impacts of imposing further taxes need caution.
He added the mafias will make merry and the rich will become richer and the poor poorer.
Unisame Council requested experts to suggest remedies to overcome tax evasion, dissolve cartels and monopolies and curb corruption.
Pakistani experts could do financial tailoring and are requested to come out of their shells and show ways and means to block the mafias and the malpractices to our economic team and recommend best remedial measures rather than follow IMF agenda in toto.
The micro to medium sector is in turmoil and needs friendly policies rather than increase in taxes, duties and levies. They need relief to overcome the adverse impact of the pandemic and survive the harsh hit to their businesses.
The sector hopes the government will act wisely.

Posted in: Press Releases