Business leaders, PM in pre-budget consultations

With federal budget for 2026-27 due to be unveiled on June 5, senior business leaders from across the country called on Prime Minister Shehbaz Sharif on Monday, pressing their case for tax relief, faster refunds and deeper reforms to revive a still-fragile economy.

 

In a high-level pre-budget consultation, representatives from chambers of commerce and industry from across the country submitted a raft of proposals aimed at boosting industrial output, exports and investment.

 

Addressing the delegation, the prime minister said that “sustained hard work” had stabilised the economy, and insisted the government would now push for faster growth. He promised further measures in the upcoming budget to support industry and raise production, while directing the Federal Board of Revenue (FBR) to clear all pending tax refund cases by 15 June – a deadline likely to be closely watched by exporters long frustrated by delays.

 

Reaffirming an export-first strategy, the prime minister said economic growth would be driven through collective effort.

 

Despite recent increases in the policy rate, he stated that the export refinance scheme rate would remain capped at 4.5% until June 2027 – a move welcomed by exporters as a rare bit of certainty in an otherwise tight monetary environment.

 

The prime minister also ordered the relocation of Pakistan Revenue Automation Limited (PRAL) headquarters to Karachi, a symbolic shift aimed at bringing tax administration closer to the country’s commercial hub.

 

In a nod to constituency-level demands, he directed the establishment of a passport office in Gujrat following requests from overseas Pakistanis and business groups.

 

He stressed that reforms and facilitation for small and medium enterprises remain central to the government’s economic agenda, and urged investors to explore joint ventures in local electric vehicle production – a sector long touted as Pakistan’s industrial “next big thing” but still struggling to scale.

 

Business leaders, for their part, struck an unusually supportive tone. They praised the prime minister, along with Deputy Prime Minister and Foreign Minister Ishaq Dar and Chief of Defence Forces (CDF) and Field Marshal Syed Asim Munir, for maintaining stability during heightened tensions in the Gulf region, and pledged cooperation in expanding the formal tax base through digitisation.

 

They also welcomed Prime Minister Apna Ghar Programme – the government’s flagship housing initiative for low- and middle-income groups – alongside recent reforms in the Export Development Fund, the privatisation of Pakistan International Airlines (PIA), FBR digitisation and the rollout of e-invoicing systems.

 

Still, according to some businessmen present at the meeting, beneath the praise and assurances, the message from industry was clear: progress on paper is no longer enough. What the business community wants now is speed, certainty and above all, delivery.

 

The meeting was attended by senior representatives from FPCCI and chambers in Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Quetta, Gujrat, Gujranwala and Sialkot, along with Minister for Finance Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, Power Minister Awais Leghari, governor State Bank of Pakistan (SBP) Jameel Ahmed, FBR chairman Rasheed Langrial and other senior government officials.

Source: Business Recorder