By Karim Madad

ISLAMABAD, July 15 (INP-WealthPK): Business leaders appreciated the government’s announcement to adopt austerity measures, which they hope, will bring about financial discipline and reduce fiscal deficit.

Talking to WealthPK, Iftikhar Ali Malik, President of South Asian Association for Regional Cooperation’s Chamber of Commerce and Industry, lauded the government’s strategy to bring down expenditures and ensure financial stability.

He hoped that the austerity measures would help reduce fiscal deficit and ensure financial discipline in all government departments.

He called upon the provinces to also adopt similar measures for the country’s prosperity.

Iftikhar Malik also called for steps to enhance tax revenues to create a stable financial base and lessen dependence on foreign loans.

Chief Executive of Pakistan Furniture Council Mian Kashif Ashfaq also spoke highly of the government’s austerity measures. Pakistan, he said, could not afford luxurious lifestyles in view of the current economic constraints.

Kashif Ashfaq called upon the provincial governments to adopt similar strategies to rid the country of foreign debts and increase spending on people’s welfare.

According to the ministry of finance, extraordinary measures are required to ensure financial stability, including curtailing government expenditures to reduce fiscal deficit.

According to the ministry, to achieve this objective, the federal government has announced a number of measures for the financial year 2022-23.

These include a complete ban on purchase of all types of vehicles except utility vehicles such as ambulances, buses for educational institutions and solid waste-carrying vehicles.

There will be a ban on creation of new posts, except those required for development projects. There shall be complete ban on officials’ treatment abroad at government expense. Similarly, there shall be ban on purchase of office furniture except for development purposes.

Likewise, official visits abroad of the government functionaries have been banned, especially where the government of Pakistan’s funds are involved, except extremely obligatory visits.

There shall also be a ban on official lunches, dinners and high-teas except for the foreign delegations.

Likewise, principal accounting officers shall ensure that consumption of utilities is reduced by 10% and existing entitlement for POL products by government functionaries is reduced by 30%. Officials’ travel will be curtailed by promoting use of zooms and video links for holding official meetings. Besides, redundant and non-productive posts in government departments will be abolished.

In addition, the federal government has further directed that POL used by the ministers would be slashed by 50%.

Expenses incurred on movement of VVIP cavalcades would be reduced without compromising their security.

All ministries and divisions have been requested to implement these instructions in their respective departments, organisations, autonomous bodies, and corporations.

Credit:

Independent News Pakistan-INP