Opposition parties and trade organizations criticize Pakistan's federal budget

Opposition parties in Pakistan, such as PTI and Jamaat-i-Islami, along with trade organizations and chambers of commerce in cities like Karachi, Faisalabad, Sialkot, and Rawalpindi, have strongly criticized the recently announced federal budget. They argue that the budget, heavily influenced by the IMF, is burdened with excessive taxes that are expected to worsen inflation and negatively impact the economy and the general public.

The PTI spokesperson has condemned the budget, calling it an 'economic murder' due to its projected effects on prices, unemployment, and poverty. Concerns have been raised about the unrealistic targets for GDP growth and inflation rates, which are believed to be driven by IMF directives. The spokesperson also highlighted the significant increase in tax targets and the adverse effects on sectors like exports and real estate.

Various trade organizations, including All-Pakistan Anjuman-e-Tajran and chambers of commerce, have echoed similar sentiments, criticizing the budget for its tax hikes and lack of measures to reduce government expenditures. They have expressed worries about the impact of new taxes on items like mobile phones and leather goods, foreseeing price hikes and economic challenges.

Industry leaders, represented by LCCI and FPCCI presidents, have objected to the budget, citing potential inflationary pressures and hardships for businesses. They have called for relief in sectors like power and construction to bolster economic stability. The FPCCI president specifically criticized the increased levy on petroleum products and highlighted the struggles faced by the construction industry.

On the other hand, the KCCI president has criticized the budget for imposing taxes on real estate and expressed disappointment over the allocation for the IT sector. He urged the government to reconsider tax structures and prioritize rationalizing power prices. The Jamaat-e-Islami chief also condemned the budget, labeling it as a document of 'IMF's slavery' and criticizing the Finance Minister's handling of the situation.

The rejection of the federal budget by opposition parties, trade organizations, and industry leaders in Pakistan reflects widespread concerns about the budget's heavy taxation and lack of measures to stimulate economic growth. The criticisms center around the perceived influence of the IMF on the budget's direction and the anticipated negative impact on inflation, businesses, and the general public. As the debate continues, it remains to be seen how the government will address these concerns and work towards a budget that garners broader support and promotes sustainable economic development.