Think Tank Selects Six Domains To Deal With COVID-19 Impacts

The Think tank recently formed by the prime minister, selected six broad priority domains to boost social safety nets, ensure food security and give maximum boost to economy through accelerating aggregate demand, easing out supply concerns and ensuring stability of financial system.

Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the 3rd meeting of the Thinktank, to assess the emerging situation resulting from Covid-19 related economic slowdown and its impact on individuals and businesses.

“The forum selected six broad priority domains including boosting social safety nets (Ehsas and allied initiatives), food security and safety of supply chains, boosting role of banks and financial institutions in appropriately designing incentives for market participants, kick-starting low and medium cost housing projects, making PSDP and Provincial ADPs responsive to labour intensive propositions and business facilitation through fiscal interventions,” said a press statement issued by the finance ministry.

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The forum decided that fiscal proposals including changes in rates of Sales Tax, refunds etc. would be deliberated with FBR in detail, so that the next federal budget addresses these burning concerns which are essential to spur consumer spending, it added.

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Moreover, proposals related to financial and banking matters including review of payroll refinancing scheme, incentives to banks to finance MFIs and MFB, measures for enhancement of remittances and injecting additional liquidity to commercial banks by cutting CRR/SLR and CCB, were decided to be dealt by forum in more details.