Government easing regulatory sanctions
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Government easing regulatory sanctions on the economy

Government easing regulatory sanctions on the economy

Prime Minister Imran Khan has approved the relaxation of regulatory sanctions at a meeting of the Economic Think Tank, which will be announced in the form of a package later this month.

Prime Minister Imran Khan on Saturday approved more than 60 recommendations for reforms in eight sectors, including easing regulatory sanctions, digitizing the economy, and utilizing the utility of neglected sectors. The month will be announced in the form of a package.

The Prime Minister said that banks would invest in government loans as they are easy and safe. Governor SBP also agreed with the Prime Minister. One of the recommendations made to the Prime Minister was related to the regulatory process of the SBP.

According to sources, the SBP agreed to accept 20 recommendations and expressed reservations over a dozen proposals, including reducing the liquidity of banks. The proposals that were accepted include opening up digital accounts for overseas Pakistanis to facilitate remittances through banks, increasing the credit limit for small and medium enterprises, extending the duration of the temporary economic relief package and digitizing the economy.

In his briefing, Finance Advisor Hafeez Sheikh highlighted suggestions for a reduction in utility bills, targeted subsidies, separation of tax policies for FBR operations and improvement in provincial finances. At present, the government is facing the challenge of increasing electricity prices to curb the subsidy on electricity bills and revolving loans. The government has reduced the subsidy on electricity in the current year’s budget by 60 per cent. 

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Getting out of this quagmire will remove an obstacle to the resumption of the IMF program.

According to sources, the Prime Minister supported the targeted subsidy on electricity and said that both the rich and the poor are equally benefiting from the existing subsidy system. The Prime Minister said that the benefit of the subsidy should reach the poor. To this end, the government has launched the Ehsas Flagship Program, which will provide assistance only to the poor and needy.

The Prime Minister said that the government would soon open digital accounts for overseas Pakistanis so that they could easily invest in property and government securities. The SBP wanted to open digital accounts in the Central Directorate of National Savings but due to computerization issues, This suggestion was not considered workable.

The Prime Minister stressed the need to find an “out-of-the-box” solution to economic growth. The Prime Minister said that the Corona epidemic had affected Pakistan’s economic growth as well as other countries. From the earliest days, it adopted a strategy of energy in epidemics and economic activities.

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Government easing regulatory sanctions on the economy
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