March 2, 2003	Sunday	Zul Hijjah 28, 1423

KARACHI, March 1: Adviser to the Prime Minister on Finance and Economic Affairs, Shaukat Aziz on Saturday directed the Central Board of Revenue to ensure that eight to 12 days time taken to clear the consignment at present by the Customs be reduced to 24 hours at the earliest.

Talking to reporters after having a briefing on management and economic aspects of the Karachi International Container Terminal here, he said: “If we keep on taking 8 to 12 days to clear the imported goods, it means we hold the inventory or billions of rupees out of the economic cycle and that’s really hurting the business activity.”

He said if the time is minimized and private sector is facilitated, it would help them multiply their activity and in result there would be more jobs, more money in circulation and government would be collecting more taxes, he remarked.

Shaukat said the most disturbing issues in the customs were under invoicing and mis-declaration as these two were adversely affecting the domestic industry as well as the government revenues. However, the government had decided to further lower the tariff for smuggling prone items .

He appreciated the efforts of the customs for bringing the real mafia involved in under-invoicing, mis-declaration, etc., to book.

The adviser said that the Board of International Monetary Fund has approved $ 118 million tranche that would be released in couple of days. He said the Board has hoped if the reforms were continued in Pakistan, the economic growth, which is expected to be over 4.5pc this fiscal, would go further up, resulting in more job generation.

Responding to a question, he said the petrol prices in the international market rose to $40 a barrel, due to which it was not possible to keep the prices at previous level. Though the petrol prices adversely effect the economy as well as the government expenditures as Pakistan would be spending around $1 billion more on petroleum imports but it was necessary to keep the economy on healthy track.

“We do not want to borrow just to subsidize petroleum products and get entangled in the same debt trap, we were in three years ago,” he said and assured that the petrol prices would be brought down as soon as OPEC increased their production and petrol prices fall in the international markets.

Earlier, addressing the officials of the Customs at the Karachi International Container Terminal, near Karachi Dockyard here after having a briefing on the terminal functioning and economic aspects the adviser to the Prime Minister on Finance and Economic Affairs, Shaukat Aziz, said fundamentals of the economy were very encouraging and government revenues were on target.

He said the government was committed to facilitate the private sector, which was the engine of growth. “We need to change the mindset and those who are against the change, has to be sidelined to ensure the change take place for the benefit of the nation and the country,” he said. He said that under WTO local industry can be protected by checking dumping and identifying the under invoicing and smuggling.—APP