LAHORE: Finance Minister Asad Umar on Monday said that without reducing the country’s trade deficit, the country’s economic problems cannot be solved.
The comments were made while the minister was addressing a ceremony of Federation of Pakistan Chambers of Commerce and Industry in the provincial capital.
“There is a need for reforms in the energy sector. There needs to be independence to produce electricity and there is a need to improve the system of power supply,” he said.
“Net metering system has been introduced in the federal capital and it will be replicated in other parts of the country as well,” he added.
“Top taxpayers will be recognised in a ceremony which will be chaired by Prime Minister Imran Khan to encourage the people to come in the tax net,” he said, while adding that the government intends to introduce a simple system in order to ease filing of tax returns.
“Economic woes cannot be resolved till the trade deficit is reduced.”
“We need to change the environment. Cases worth billions of rupees are being heard in courts and we can no longer hide behind a wall,” the minister explained.
“The industrial sector has an important role in the economy and steps are being taken to address their problems including those relating to energy,” he continued.
“Economic Coordination Committee at its meeting on February 5 to deliberate upon early operationalization of these zones,” he said in reference to special economic zones set to be established under China-Pakistan Economic Corridor (CPEC).