Dhedhi praises Ishaq Dar’s efforts for economic development

KARACHI: A leading businessman and Karachi Stock Exchange member, Aqeel Karim Dhedhi, has lauded the “extra-ordinary” progress of Federal Finance Minister Senator Muhammad Ishaq Dar for a turnaround in the economy.

Talking to the APP, he said that Senator Ishaq Dar’s efforts have improved Pakistan’s image in the international markets, which not only elevated the ratings of the country but also revived public confidence in the government’s policies.

Dhedhi said that because of an improvement in ratings, the country is getting direct investment. He expressed the hope that favourable economic conditions will also lead to an increase in portfolio investment.

He said that if this progress is sustained it will further boost remittances and foreign exchange reserves and end dependence on the International Monetary Fund within the next three years.

About the federal budget for the financial year 2014-15, he said that the government is now in a position to present a good budget for the poor and middle-class people and lay a strong foundation for the next financial year.

He said that an increase in remittances and foreign exchange reserves has been recorded, besides appreciation of rupee against dollar, which has brought stability in petroleum products’ prices and reduced fiscal deficit. He said that the benefit of these positive
developments should reach the common man.

He suggested that there should not be exemption in capital gain tax for more than one year, however, its rate should be cut which will contribute to 10 per cent increase in revenue collection on this account.

He also called for the allocation of substantial funds for education and health sectors.