SIFC in action to curb grey market resurgence

In the wake of the resurgence of the grey market, the Special Investment Facilitation Council (SIFC) has urged the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) to enhance the flow of foreign exchange through official channels and secure remittances from overseas Pakistanis. The top civil-military forum, created to promote investment, has also asked FBR to devise a milestone-based action plan for the digitalisation and restructuring of revenue machinery to reach a tax-to-GDP ratio of 18 per cent in five years by 2029 from the current stagnating rate of 8.5pc. Official records seen by Dawn suggest that the SIFC has also decided to complete price deregulation of non-essential drugs and put in place a National Policy Framework for Nursing and Midwifery that would also envisage improving nursing skills through medical colleges.