Tuesday, September 27, 2022

Key takeaways of Bloomberg Economic Forum


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

Federal Finance Minister of Pakistan Asad Umar addressed the Bloomberg Forum


Withholding tax on cash withdrawals to be removed completely for Filers and Non-filers

Capital market reforms in the offing to mobilise investment in equity and debt

Market over-regulated now, impeding its growth

More public-private partnership needed – only the power sector saw the successful implementation of this

Banking sector: Deposit/GDP ratio is one of the lowest in the world – banking sector is not mobilizing deposits effectively

Islamic Banking (IB) opportunities exist – Develop opportunities for deployment of IB deposits to help IB reach its full potential

First phase of economic reforms meant to implement demand compression in the economy which can now be seen in the numbers

Pakistan now needs to focus on domestic supply expansion

Another Sukuk Rs 200bn expected

Government needs to remove uncertainty with respect to energy prices, interest rates, devaluation and IMF

SME sector has substantial contribution in GDP but accounts for a very small portion of private sector credit

Government needs to increase confidence of the Local Investor.

Needs to address growth challenge at the same time as controlling the current account deficit.

More focus to be put on Oil and gas exploration.

Pakistan has competitive advantage in agriculture.

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