PM to Hold a Pre-Budget Conference With Business Sector Tomorrow

Prime Minister (PM) Shehbaz Sharif will address a pre-budget conference on business, agriculture, and information technology (IT) on June 7, 2022, to apprise and sensitize the business sector and incorporate its input and suggestions into the upcoming budget. The conference will allow renowned business people, agriculturists, and IT experts to deliberate, exchange new ideas, and present recommendations about export sectors for incorporation in the next budget. The government is aiming to bring an inclusive pro-public budget that will steer the economy toward a higher, sustainable, and inclusive growth path, and facilitate the public and private sectors to contribute to Pakistan’s development in these difficult times. Pakistan is plagued with several economic challenges, including accelerating inflation, large external deficits, exchange rate depreciation, declining foreign exchange reserves, and mounting uncertainty. Additionally, the prevailing global economic situation is also posing risks to the domestic economic outlook. The incumbent government has inherited an economy with growing macroeconomic imbalances that have brought the country to the brink of financial collapse. To overcome this, the government has taken steps to strengthen the economy and price stability in a short time and to maintain the sustainability of the external and fiscal sectors through various immediate measures. The federal budget is being developed and will be presented in the National Assembly on 10 June. Meanwhile, the PM envisions making a progressive, developing, and people-friendly budget by fostering public participation in budget-making. Therefore, the government is partnering with the business sector to ensure the budget reflects the expectations of the private/business sector and the public. The private sector is the backbone of the economy and has the opportunity for the public and private sectors to contribute to the development of the economy.