Page 4 - CMA Journal (Mar-Apr 2023)

President's

Message

Dear Esteemed Members and Colleagues,

President's
In the latest issue of the CMA Journal, we focus on the theme of 'Pakistan, IMF, and
Message
the Way Forward.' This is a critical time for our nation, as we navigate a
challenging economic landscape and seek avenues for sustainable growth and
development. The recent visit of Finance Minister Mr. Muhammad Aurangzeb to
the IMF has instilled hope for a larger and longer program to support Pakistan's
economic revival. This potential program would provide crucial assistance for
stabilizing our economy and fostering growth.
While the IMF bailout package is essential for economic recovery, the new
government must act promptly to restructure our taxation and energy sectors.
These reforms are vital to generate revenue, reduce subsidies, and create a more
stable economic environment. It is imperative to bring individuals and businesses
under the tax net who are either not paying taxes or paying less than their
potential. Expanding the tax net to include the real sector, small businesses, and
the retail sector will enhance our economic foundation and ensure a fairer
distribution of the tax burden.
Additionally, the recent visits of the foreign minister of Saudi Arabia and the
Iranian president to Pakistan are promising developments for our international
relations. The memorandums of understanding signed with Saudi Arabia offer
deepened financial relations and present investment opportunities in various
sectors such as hospitality, aviation, and mining. The agreement with Iran to
increase bilateral trade volume further solidifies our economic partnerships and
opens avenues for mutual growth.
At this juncture, it is imperative that our political forces unite and work together
for the betterment of our country in the best national interest. We must seize this
opportunity to demonstrate that Pakistan is a responsible and reliable partner on
the global stage, capable of making sound economic and political decisions that
will benefit its citizens and allies alike. ICMA stands ready to provide the
government with technical and professional support in policy formulation and
the implementation of cost-effective project solutions. Our collective efforts will
pave the way for a more resilient and prosperous Pakistan.
Let us move forward with unity and determination for a stronger future.

Shehzad Ahmed Malik, FCMA
President ICMA

2 ICMA’s Chartered Management Accountant, Mar-Apr 2024