Economic matters cannot be resolved till trade deficit is reduced: Asad Umar

LAHORE: Finance Minister Asad Umar on Monday said that economic matters cannot be resolved till the trade deficit is reduced.

Addressing a ceremony of Federation of Pakistan Chambers of Commerce and Industry in Lahore, the finance minister said, “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.”

“Net metering system has been introduced in the federal capital and it will be replicated in other parts of the country as well,” the finance minister continued.

Umar assured that a simplified procedure of filing tax returns for individuals and entrepreneurs will be introduced in the current year. “Top taxpayers will be recognized in a ceremony which will be chaired by Prime Minister Imran Khan to encourage the people to come in the tax net,” he said.

“Economic woes cannot be resolved till the trade deficit is reduced,” he added.

“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 finance minister said.

Umar further assured to fully facilitate businesses and investors to bolster the country's exports. “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 added.

Further, the finance minister said special economic zones will be set up under the China-Pakistan Economic Corridor project. “Economic Coordination Committee at its meeting on February 5 to deliberate upon early operationalization of these zones,” he stated.