KARACHI: Pakistan’s economy has been over-politicised as every decision affecting the country’s growth is suspected of corruption and is challenged, said Sindh Governor Mohammad Zubair, adding that the practice has shaken the morale of bureaucrats who have lost the decision-making powers to unnecessary accountability.
Addressing at the Best Corporate and Sustainable Report 2016 Award ceremony, the governor said let the economy grow freely first and the checks and balances on economic growth should be leveled later.
“There is a great need to create a balance between [economic] growth and controls,” he said at the event jointly organised by The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management of Pakistan (ICMAP).
Zubair said when the Chinese economy started growing, the US asked China to put several controls, but it told US to let its economy grow first and later on it would put the necessary controls.
Meanwhile, Award Evaluation Committee Chairman Yacoob Suttar, in his address, emphasised that the annual report is the company’s most important strategic communication document. He said the document sets the company’s vision, values and operating philosophy; and communicating its past performance, outlining future opportunities, growth prospects, thereby enabling an investor to make an informed decision about investment in the respective company.
ICAP President Nadeem Yousuf said: “ICAP is committed to promoting transparency and accountability in Pakistan’s corporate sector.”
ICMA Pakistan President Mohammad Iqbal Ghori said high cost of doing business had not only hampered the country’s industrial productivity, but also made its exports uncompetitive in the international market.