Govt Faulted for Not Circulating Budget Strategy Paper, Continued Tax Reliance: Parliamentary Committee
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A parliamentary committee yesterday slammed the government over its failure to adhere to laws requiring circulation and publication of the Budget Strategy Paper by May 10. The National Assembly’s Standing Committee on Finance, chaired by former finance minister Syed Naveed Qamar (PPP), criticized continued reliance on indirect taxes like petroleum levy instead of focusing on sustainable economic expansion and diversification.
The committee also highlighted concerns about the country’s ‘fragile stabilization path’, warning that inflation is likely to exceed 12%. UNDP consultants voiced these views, emphasizing Pakistan remains vulnerable due to lack of significant reforms. The NA panel demanded accountability for transparency issues and stressed on necessity of economic diversification.
The meeting’s discussions highlighted the need for immediate action towards sustainable fiscal policies including publishing BSP, reducing reliance on indirect taxes, fostering public-private partnerships (PPP), and expanding domestic revenue sources to boost growth. The government was urged not only to respect constitutional obligations but also ensure transparency in its economic planning for the nation’s future.