The Special Investment Facilitation Council (SIFC) recently directed the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) to combat the resurgence of the grey market and enhance foreign exchange flow through official channels. The council aims to reach a tax-to-GDP ratio of 18% by 2029 through digitalizing revenue machinery.
Decisions were made to deregulate non-essential drugs, improve nursing skills, and streamline remittances. The council also plans to restore the Cash Over Counter Facility and launch a campaign to discourage informal channels.
Additionally, the council instructed the FBR to restructure and digitalize, separating Customs and Inland Revenue Organization. They also aim to deregulate pharmaceutical products and devise effective monitoring mechanisms.
Drug pricing/nursing framework
Further directives include advancing policy direction for deregulation of pharmaceutical products and developing a National Policy Framework for Nursing. The Ministry of Health must enhance nursing training to meet international demands.
These initiatives aim to boost the economy and healthcare sector, ensuring efficient financial flows and quality healthcare services.
Published in Dawn, August 15th, 2024
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