Business community fears 'IMF-dictated' budget to hit economy.

KARACHI -- Contrary to past practices, Finance Minister Ishaq Dar has not approached trade and industry leadership for taking their input for the upcoming budget to be unveiled on June 9.

As less than a month is left, business leaders have deplored that the PDM government has not invited them for any consultative sessions to incorporate their proposals in budget 2023-24, fuelling fears that it will be an IMF-dictated document which will further complicate the economic situation.

Site Association of Industry (SAI) president Riazuddin told Dawn that traditionally successive governments used to engage the business community in the budget-making process by holding consultative sessions with apex chambers, businessmen, industrialists, etc.

The Site chief recalled that in previous regimes, Mr Dar used to hold day-long deliberations with the trade and industry bodies by terming it a 'grand finale' ahead of the budget announcement. 'So far we have not been invited. We do not know whether the budget will be made on IMF dictation or the government is undertaking this exercise independently,' he observed.

Says Dar has not held any meetings with industry leaders

He told Dawn that the businessmen have also not seen any 'budget strategy framework' which was previously shared by the governments almost four months ahead to review the outline of the budgetary measures.

Mr Riazuddin said the government has only asked the business community during February in writing to send their pre-budget proposals but no face-to-face discussions with Mr Dar and his team including the Federal Board of Revenue (FBR) chairman have so far been held.

While showing his concerns, Federation of Pakistan ChamAbers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said the government has not yet started the consultative process with the business community in general and the apex body in particular.

He, however, invited Mr Dar to visit the FPCCI and meet the business leaders to take stock of their proposals vis-a-vis the upcoming federal budget and also listen to their issues, apprehensions and recommendations.

The apex chamber wants to present and discuss its proposals on industrial, trade, shipping and transportation, taxation, SME, agriculture, IT, monetary and fiscal policies with the government. 'Budget-making is the opportunity where we can have...