Dr Ishrat Husain calls for removing disparity

Says equitable resource allocation should be primary goal of policymakers

LAHORE: Former State Bank of Pakistan (SBP) governor Dr Ishrat Husain said all political and economic institutions of the country need to work together to eliminate disparity in the economy.

Speaking at the inaugural session of Punjab Economic Forum, Husain said all organisations had the responsibility to work towards equitable resource allocation, moving wealth from the elite of the society to the common people.



“Institutions determine the fate of nations and success only comes when political and economic forces become inclusive,” he said. “Policies of good governance are the only thing which moves economies forwards.”

The former governor also said that since Pakistan’s independence, the country’s markets have been heavily influenced by the ruling elite. For economic prosperity, this needs to change.

“The elite have always stolen the benefits of growth from common citizens by evading taxes due to their easy access to [political] institutions,” he said, adding that some key institutions like the judiciary, the legislation and the bureaucracy, along with economic and security institutions, need to be given a free hand without any political interference.

He added that only relieving economic growth advantages from the elites to the masses can assist Pakistan in achieving true prosperity. “Now, Pakistan has an emerging middle class, along with a huge rural-urban shift and a strong presence of social and electronic media,” he said. “So, political forces need to understand the changing trends to create win-win situation.”



Meanwhile, Punjab Planning and Development Chairman Jehanzeb Khan said that the purpose of the forum was not academic only. “We are here to listen and make policy options to help us move forward in formulating our budget and development programs,” he said, adding that they have to see how to invest money from the public sector to have leverage in the private sector.

Renowned economist Dr Sohail Jahangir Malik said that majority of the country’s youth is not groomed and educated enough to help them cope with the changing trends.

Published in The Express Tribune, April 4^th, 2017.

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