Issuing a list of his priorities, the new Finance Minister in his maiden Press Conference outlined the agenda of his mind for the future recovery of the economy under the PTI Khan’s regime.
Shaukat Tareen banker turned twice the Finance Minister, said the agriculture and SMEs needs to get much much relaxation if the country wants to expand its economy. The SME is ten million, out of which only one lakh gets bank’s credit which should quickly go to two million and then more.
Agriculture marketing and pricing needs to improve as it is heavily distorted towards the end market consumers who pays a lot for the locally produced actually cheaper farm produce. The market system in farm areas is poorly managed and plays in the hands of middle man, who eats up farmer’s income and gets paid exorbitant profits.
The IMF program this time came with tougher condition than the pervious one, which was during the war on terror and was laden with softer terms. Pakistan needs to get relaxation in this program to enforce it, said tareen.
He said that the strategy is needed for SMEs with huge growth needed in that sector. Then there are many other sectors which needs focus and improvement.
Taxation system also needs an overhaul, it is denting the entire economic structures and eating up the revenues than contributing for the development of the country. A huge work is needed to be done in this regard. He said CPEC is a big opportunity which will also give benefits.