LAHORE: Pakistan has been experiencing recessionary trends since long and its cash-strapped position, caused by massive national debt, has kept the economy at the lowest ebb.

The country could have salvaged the position by increasing revenues and exports but things have never gone the way the country has been planning.

This was the crux of a seminar on the “CFO – A Journey against the Wind” as a part of CFO Summit 2016, organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP) on Saturday.

The participants said the ground reality was generation of enough revenue and increase in exports had been difficult whereas the expenditure position has all along been getting inflated due to inflationary trends.

Punjab Finance Minister Dr Ayesha Ghuas Pasha highlighted the priority areas regarding education, saying Punjab’s allocation for education this year was 27pc of our budget volume. She said urban clusters could serve as engines of economic growth and employment opportunities if their potential was fully developed.

Ms Pasha said priority was also being given to funding projects in prominent areas like mass transit facilities, low-cost housing schemes, drinking water supply schemes and sanitation facilities.

Standing Committee National Assembly for Finance Chairman MNA Qaiser Ahmed Sheikh said debt servicing was eating up whopping share of current revenues. In spite of the fact that a lot of funds were arranged through deficit financing, a very little was left for development and revenue expenditures, he added.

ICMA Pakistan President Kashif Mateen Ansari said the institute was aware of challenges faced by the competitive and demanding business world and equipping and training professionals to meet those challenges.

Muhammad Rafi, a former president of the South Asian Federation of Accountants (SAFA) and former MD OGDCL and FCMA Muhammad Ashraf Bawany presented papers on new report.

Published in Dawn, March 20th, 2016