Dr Haq demands proper management of economy


Proper management and appropriate utilisation of national assets is imperative to lead the country towards sustainable economic growth said Planning Commission Deputy Chairman. “If we manage our assets properly, the economy could perform very well,” Dr Nadeem-ul-Haq said in an interview, adding that the proper utilisation of assets would build confidence and attract investment and the country will not need to be so dependant on foreign aid or on IMF funding. Dr Haq said that the commission was working on new growth strategy, aimed at bringing efficiency in the management of national resources and changing the overall mindset regarding growth. “Efficiency and productivity is the main focus of the new growth strategy,” he asserted.
It was also stressed that Pakistan was lagging behind in development due to outmoded planning. “Planning is a dynamic and continuous process which should take into account the changing trends”.
In addition, he pointed out that there was a dire need to change the mindset of officials allowing them to understand new growth strategies instead of remaining stuck to the old and established procedures. He stressed that under the new growth strategy, the people would have to focus on the output of projects instead of their cost. He also underlined that though there was a need for further development of infrastructure, but existing facilities were also not being utilised to their full potential.
“We have launched and completed many projects in every sector but these projects should be devoted to the country’s development.” He stressed that economic growth should be enhanced by seven to eight per cent, thus allowing the generation of employment for the younger generation. The growth should be sustainable and not for a period of one or two years. “High growth rate can be achieved for one or two years but we need to sustain it,” Haq added. The senior official also touched upon the fact that the country needed deregulation to enhance market access, adding that job of government should be to regulate business and not to become tangled up in the business itself.
To a question, he responded that energy reforms were under way and the government had already taken steps to overcome the energy problem and would have to take more such measures in future. He also underscored that electricity generation was not the only solution of the problem but overcoming energy losses could help mitigate the shortfall also. Regret was also expressed that in the past, no attention was focused on the development of cities to provide better civic services and facilities to the people. To another question, he said that every country needed the support of the International Monetary Fund and Pakistan was no exception for economic growth.