He said budget-making process should not be secretive and it should not lack transparency, accountability and participation by the stakeholders. He called for full participation of all the politicians including opposition, business community and all the stakeholders in the process. Mian Zahid Hussain said Cabinet, Parliament and Standing Committees on Finance etc should be given due importance in the process of budget-making so that it reflected the aspirations of the masses while ensuring rapid economic development.
He said budget recommendations forwarded by the business community should not be seen as a revenue increasing or decreasing move but it should be analysed on the basis on long term impact on the economy. "Budget should be based on long-term measures to resolve pressing economic problems, ensure social and economic development and fulfil the desires of the masses reeling under poverty," he added. The matter of the supplementary budgets should also be considered as it was not practiced in many countries, he said, adding that budget should resolve the issue of dwindling exports which has threatened the forex reserves.
Copyright Business Recorder, 2017