"IMF Kay Zor Par Ju Nahi Karna Chahiye Tha Wo Kardiya", Taimur Jhagra

last year

#Khabar #Budget2024 #MuhammadAurangzeb #PakistanEconomy #Inflation #NationalAssembly #Budget #PMLNGovt #PPP

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Transcript

00:00But Mr. Jagra, People's Party seems to be in a prime position to elicit a pound of flesh right now.

00:05They will talk about it. Without them, the government would not be standing.

00:08There is no budget, so the government has gone home.

00:09What do you think, is this just for optics or will they be in a better position as compared to Tariq-e-Insaaf right now, of course?

00:21No, there is no doubt in this that they will take their pound of flesh to some extent.

00:26There is no doubt that in the end, they will most likely play ball in what is a hybrid pro-plus-max regime.

00:36One thing that was said in the interview with Shazia Murray, don't take us for granted.

00:48PMLN has also taken the vote bank for granted.

00:53And traditionally, this has definitely happened.

00:56Let me tell you that when loyal governments make a budget, they forget that this has to be done with actual engagement troops in Pakistan.

01:07And this entire budget tells you that a business-as-usual budget could not have been more than this

01:16If there was to be a real reform, then not just Sindh, but they should have sat with the KP government, with Balochistan, with Punjab.

01:26They should have laid out a platform that these are the government's compulsions.

01:32This is how we have to go on an economic reform roadmap.

01:37The IMF gave a stick, did what had to be done.

01:43Tell me, what should have been done that was not done, Mr. Jhagra?

01:47Do you think a political threat from Adiala jail is also too great for the government avoiding aggressive steps right now?

01:54Is there political stupidity in it?

01:57Yes, when you know that the mandate is not yours, it is someone else's.

02:02So how can they happily take difficult steps?

02:07What is the missed opportunity? You have been saying since evening that the government has given a budget with zero reform appetite without any major reforms.

02:15What do you want to see?

02:19The biggest thing you need is expenditure reform.

02:23In expenditure reform, the first thing that comes is the system of salaries.

02:27The government system where two out of ten people work.

02:31What is the result? 25% salary increase.

02:34What is the impact? 1500 billion rupees across Pakistan.

02:37The second thing is pensions.

02:39In pensions, they have announced the work that KP did three years ago.

02:43They did not give credit.

02:45But this is the pension of those people who will be hired today.

02:49They will get a contributory pension after 40 years.

02:52What will happen to the pension bill of 1,000 billion rupees or 2,000 billion rupees in Pakistan this year?

03:00How will it be financed?

03:02For that, 45% tax will have to go beyond your and my salary.

03:08If there is nothing else, then the development budget has been announced for 1,500 billion.

03:13You also know, I also know.

03:15Take the figures of the past two years.

03:17500-600 billion is actually spent.

03:19What will happen?

03:21They will allocate to their own projects.

03:24They have withdrawn the projects of KP.

03:27They will not have fund releases.

03:30We don't even have the blackmailing ability that they have.

03:34Is there anything in the budget to increase exports?

03:37No.

03:38What did they do?

03:40The exporters who used to get a fixed tax system,

03:45they increased it from 1% to 30% or 45% in a year.

03:49Sir, but now 145 billion will increase further.

03:5290 billion was being taxed by the export sector.

03:54Now it will give more, but I am sure it will disincentivize a lot of things.

03:57But sir, they are bringing non-filers into the tax net.

04:01They have tried to bring non-filers and tax into the net.

04:05Do you give them credit for that?

04:07No, if they do, they will not give credit at all.

04:11Right now, 100-200 retailers have signed up.

04:15For example, there is no tax on retailers.

04:19It is being said that those who deal with them,

04:23they will leave the withholding tax.

04:27Look, in Punjab, the niece of the Prime Minister is sitting.

04:30It was possible, and I will also ask Sharmila, who is an ally in Sindh,

04:34that tax could have been talked about on real estate and agriculture.

04:38The bill of defamation has been passed so aggressively.

04:41If they had shown the bill here too, could it have been done?

04:45Because if this is not an emergency, then I don't know what will happen.

04:48Let's take both things.

04:50One is real estate.

04:52If you increase property taxes in a wrong way,

04:56like they increased the capital gains tax on immovable property sales by 15%.

05:05When you don't have the enforcement capacity,

05:08the transactions will end and the transactions will be under the table.

05:14You should have the implementation capacity of the tax system you have.

05:20You have to increase the urban immovable property tax.

05:24I believe that this is a place where the provinces have not performed

05:28because it is an unpopular tax.

05:30It has a simple result.

05:32If you improve the property tax in Islamabad, Mumbai and Bangalore,

05:39the provinces will get an example.

05:42It is easy to criticize the provinces.

05:44They don't even do it in Islamabad.

05:46The way to do this is to put all four provinces together

05:50and say that this property tax system needs to be improved.

05:53There is no need to amend the rules.

05:56But I know that when I was doing pension reform,

05:59no one else had to do it in the whole of Pakistan.

06:02So in the whole of Pakistan, the criticism was only on Taimur Jhagra.

06:05Sir, we just interviewed the finance minister.

06:08He did give PTI government credit for that.

06:10But sir, if pension reform doesn't happen,

06:12we will have a problem because it is a recipe for accelerated accumulation of debt.

06:18So I am surprised that work has not started on it yet.

06:23I couldn't agree more.

06:25In fact, I am saying that the contributory pension that was to be made for new employees,

06:31I used to say in my province when my colleagues used to ask me,

06:36you see, we will do it.

06:38After us, the rest of Pakistan will do it.

06:40Let's do one good thing.

06:41But now they should have gone beyond that.

06:44They are talking now that we will do it.

06:47The meeting is almost over.

06:49Now the people who are in the government or the pensioners,

06:54who will bear their burden?

06:56How will that be funded?

06:58Absolutely, sir.

"IMF Kay Zor Par Ju Nahi Karna Chahiye Tha Wo Kardiya", Taimur Jhagra

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