The budget for the coming fiscal year has proven insufficient in terms of necessary actions, incomplete in terms of strategies, and inadequate to address current macroeconomic challenges, the Center for Policy Dialogue said today.
In its post-budget press conference, the think tank said the budget for FY23 should be innovative in its approach, flexible in allocation priorities and focused in terms of budgetary measures to meet the challenges that arise. ensue.
“The budget speech was able to diagnose the symptoms, but did not prescribe the necessary medications.”
According to the CPD, the budget includes some welcoming measures, which include better identification of contexts and challenges; express accountability by describing progress on past promises; continued fiscal measures to protect domestic industries; harmonization of the tax structure in the case of export-oriented industries; and relatively less election-focused.
“The budget, however, fails to address inflation concerns, reassure citizens that administered prices will stay the same, and expand social safety net allocations in the face of growing demand.”
The think tank said the budget was worse in terms of accommodating illicit/illegal income and capital flight and increased support for high income groups while keeping low and middle income groups at bay.
“Overall, with its current structure and proposed measures, the budget appears insufficient in terms of necessary measures, incomplete in terms of strategies and inadequate to address current macroeconomic challenges.”