‘Pakistan needs agenda of radical economic reforms’

Representatives of the Pakistan People’s Party (PPP), Pakistan Muslim League-Nawaz (PML-N) and the Muttahida Qaumi Movement (MQM) on Thursday asked their leaderships to rise above political interests and come up with a radical agenda with a vision to reform the economy in order to save the country from disaster. MQM Parliamentary Leader Dr Farooq Sattar said Pakistan had to take immediate remedial steps as it is running short of time and secessionist movements and terrorism would be the biggest challenges for the country in the next three months. On the other hand, Planning Commission Deputy Chairman Dr Nadeemul Haq stressed that growth and development had always been found missing in the country’s planning. Speaking at a seminar organised by Jinnah Institute on Pakistan’s economic needs and realities, senior politicians belonging to the three parties agreed that Pakistan needed fundamental changes in its economic policy and needed to overhaul its tax regime. Sattar said Pakistan had to introduce radical reforms immediately.
“It is a defining moment where the leadership has the choice of making or breaking Pakistan. Pakistan is running short of time and has to take steps immediately to reform the economy.” He said the provinces should also be given financial autonomy, otherwise the devolution of ministries to the provinces would not produce the desired results. Dr Haq said Pakistan needed to make growth and development its priorities. He said domestic economy should be focused on greater frequency of transactions, as it always led to growth. He also stressed on the need for consistent economic policies for inviting investors to the country.“Pakistan needs to focus on how to generate growth and jobs for the people. It needs to grow at eight percent a year in order to accommodate the youth that will enter the labour force… this is a tall order and such growth will only be possible by putting seasoned professionals in charge of various sectors of the economy,” Dr Haq said. PML-N leader Shahid Khaqan Abbasi said Pakistan was a facing a major challenge of governing the economy and all political leaders needed to evolve a consensus to resolve the crises. “It is said that PIA is not a viable entity anymore… same is the case with the entire country. All leaders have to think of finding a solution,” Abbassi said.
He added that ailments of the country’s economy needed a vision for being cured, as time for bureaucratic solutions was over. “There is a moral dilemma and political leadership has to take responsibility of it,” Abbassi said, demanding the FBR publicise the taxes paid by parliamentarians.
He said the FBR was inhibiting development and economic growth through its tax regime. Sherry Rehman, president of Jinnah Institute, noted that Pakistan’s economy was in dire straits due to a combination of internal and external shocks.
She said the country was still reeling from the effects of last year’s floods and the backlash from the war on terror that cost Pakistan $68 billion in the last ten years.
Sherry also stressed the need for politicians to declare how much tax they paid and lead by example.
She noted the need for creating more awareness through the media about the state of the economy so that citizens could exercise their democratic right and conduct oversight of the government’s expenditure.
Leader of the House in the Senate Nayyar Hussain Bokhari said strict action must be taken against tax evaders, while Shahnaz Wazir Ali said Pakistan needed to continue supporting the social sector, but the sector must be held more accountable for funds injected into it. She proposed performance-based financing for the social sector to make it efficient.