Lahore Chamber of Commerce and Industry (LCCI) has invited suggestions from all the chambers of commerce and industry, trade and industrial associations to prepare joint federal budget proposals 2023-24. According to a press statement received by WealthPK, LCCI President Kashif Anwar said Pakistan’s economy is in difficulties as a result of unstable rupee-dollar exchange rate, constantly rising business costs, inflation, high-interest rate, etc., which are causing financial disruptions for almost every individual business.

He said import restrictions have worsened the situation. He said Minister of State and Chairman Reforms and Resource Mobilisation Committee Ashfaq Tola visited the LCCI on February 13, and requested to prepare collective federal budget proposals 2023-24 by taking on board all the trade bodies, including chambers and associations. He said this initiative would ensure better policy advocacy for the issues constraining the growth of business and economy in an organised manner. Meanwhile, Executive Director at the Policy Research Institute of Market Economy (PRIME) gave a detailed presentation on the proposed Charter of Economy to the LCCI president.

The Charter of Economy’s initial document, which was prepared by the LCCI in collaboration with PRIME, includes three sections. The first section is about fundamental economic rights and principles of economic policy, the second part mainly focuses on the code of conduct, which includes spending restraint, fair taxation, subsidies, budgeting, social protection, free markets and trade, currency and debt, targets and indicators and private property. The third section of the document details the implementation process. The LCCI president said this document would be shared with all the stakeholders and opinions from different professional organisations will also be incorporated.

Credit: Independent News Pakistan-WealthPk