ICMAP formulates proposals for resolving economic issues

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KARACHI: Institute of Cost and Management Association of Pakistan (ICMAP) on Monday sent proposals to the newly elected government for resolving core economic issues in its first hundred days.


The ICMAP prepared the proposals with the desire that the expected prime minister Mian Nawaz Sharif incorporate the suggestions in his maiden speech, outlining the 100-day priority plan of his government.


The institute proposed a short-term measure for energy crisis that the government should form a special task force for launching an immediate crackdown on power theft across the country to reduce losses in electricity transmission and distribution.


It advised that the business community might be allowed to set up power projects (solar and wind) without prior permission of the National Electric Power Regulatory Authority (Nepra) in those locations, which are not connected to the national grid.


“A committee may be formed to finalise a national plan to generate electricity through waste materials of crops like sugarcane baggasse, cotton waste, rice husk and organic materials,” it suggested as short-term measures.


The ICMAP said that the country was facing the business losses of billions of rupees due to ‘strikes’ called by political and religious parties. “As such, the government should impose ban on such strikes and penalise parties in violation of the ban,” it added.


For bringing down the inflation, the institute proposed, the government waives immediately all kinds of taxes and levies on essential commodities like flour, sugar, rice, ghee, oil and dairy products.


“Cost and management accountants may be given a role to carry out ‘cost-profit analyses’ of goods available in market to discourage profiteering by producers, middlemen or retailers,” stated the proposal.


To restore the businessmen confidence, it added, a joint government-business forum should be formed, comprising of ministers of finance, commerce, industry, and investment and representatives of trade and industry.


This forum should meet on quarterly basis to resolve problems faced by trade and industry as well as to seek their proposals in framing economic policies.


A permanent secretariat of this forum may also be set up, it further said.


For tackling corruption and inefficiencies of public sector enterprises (PSEs), the ICMAP advised that the private sector representatives must be appointed as heads of PSEs, such as PIA, Pakistan Railways, Pakistan Steel Mills, Pepco, NHA, Passco, TCP, Utility Stores Corporation of Pakistan etc.


“Independent boards of directors may be formed and empowered to govern these PSEs with clear mandates, targets and accountability,” suggested the proposal.


The institute also recommended long-term measures for next two to three years for sustainable economic growth

Courtesy:  The News

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