Shady Business

When Ishaq Dar took charge of the country’s finances, people were happy to see a home-grown finance minister. The business class was excited to see a business tycoon assuming premiership. The 2013/14 budget disappointed many, but made the business community happy – and the KSE expressed this exuberance.

Worryingly, that optimism is now dwindling. Right from the start, the government seemed determined at targeting a domestically-financed recovery. This is reflected in lowering corporate tax rate, slashing policy rate, increment of the center’s share of developmental expenditure, and lately, the pace of government borrowing. But the recently announced investment policy to turn black money white speaks of the frustration this ambitious policy-mix has met – as per your editorial, ‘Amnesty scheme’ (Dec 4). The supposedly well-meaning but resource-starved government seems ready to go to all extents.

Shady business will not help the already struggling image of the country. It is recommended that foreign assistance from any sources be arranged on an immediate basis. This would help restore international investors’ confidence. At home, serious economic policies need to be pursued instead of desperate economic schemes, tax amnesties, and maniacal unplanned seigniorage.

(Newspost, The News International – December 08, 2013)

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