LAHORE: Foreign investment in long-term projects/joint ventures and better internal tax collection mechanism are quite crucial in maintaining Pakistan’s Credit Rating (CR) on positive side, the Lahore Stock Exchange (LSE) former Chairman Asim Zaffar told APP here Monday.
Asim Zaffar viewed that credit rating was not a process of one day because it entailed a lengthy and complicated procedure to determine the rating, adding that Pakistan’s economic indicators did not improved overnight as the PML-N government put in stringent measures for revival of economy. Now the overall business and trade were showing a positive sentiment following increase in the country’s foreign reserves; successful business of Euro Bonds; and coming up to the World Bank and IMF ambitions. “Result is before you that world renowned credit rating agency- Moody’s International- has termed Pakistan’s CR as positive,” he maintained.
To a question, he said that since economy had started moving in the right direction, the government must focus on improving the internal revenues, which should be spent on the internal problems such as education, health, infrastructure, energy and other sectors that would prove to be very helpful in resolving the overall economic challenges of the country.
Asim Zaffar observed that general tendency of people was towards tax evasion reason being they demand roads, electricity, water, healthcare, education and other facilities, asserting that it was a good omen that present government was very much focused on public service so as to
ensure provision of maximum facilities to the masses. Enhanced services and facilities would surely encourage the people to pay their due taxes, he said. To a question, the former LSE Chairman said that China was time-tested and trusted friend of Pakistan and making huge investments in a number of energy, infrastructure, water and other projects in Pakistan.
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