‘Economic stability can be achieved through reforms’

President insists documentation, tax collection are in best interest of nation

ISLAMABAD: Pakistan can achieve economic stability through reforms, focusing on tax culture, ending corruption and undertaking austerity measures, which will ultimately reduce the widening gulf between the rich and poor, remarked President Dr Arif Alvi.

Addressing at a seminar titled “Pakistan Economic Insight: A Way Forward” at the National University of Science and Technology (Nust) on Tuesday, the president said financial stability of the country must be aligned with improving economic conditions for the common man.

He emphasised that government’s insistence on financial documentation, tax collection and austerity measures was justified and in the best interest of the nation.

He called for ensuring equality among people and providing them employment opportunities for better economic conditions.

Alvi stressed that curbing the import of luxury items and checking the circulation of black money in the market could prove helpful in gaining economic stability.

The need to address systemic economic issues

According to him, corruption was the major factor which discouraged foreign investors from investing in Pakistan as they feared for security of their capital. He expressed satisfaction that the World Bank would assist Pakistan under an agreement this year to improve the ease of doing business ranking, which was a huge factor for attracting foreign investment.

To eliminate poverty, the president was of the view that there was a need to enhance literacy in Pakistan as millions of people remained out of the education network.

The president said trade within South Asia could create prosperity in all member countries of Saarc and highlighted Prime Minister Imran Khan’s efforts to strengthen relations with India in all spheres. On trade with India, he pointed out that handling the ‘political baggage’ was the real issue and mistrust leading to ups and downs in bilateral relations impacted business ties.

He expressed satisfaction that relations between Pakistan and the United States were heading in a positive direction and both had convergence of views on peace in Afghanistan.

The president congratulated Nust for taking its ranking among world’s top 400 universities and for obtaining 35 patents for the industry.

He voiced confidence that the seminar would act as a reservoir of expert opinion from economists, which could contribute to policymaking.

Speaking on the occasion, Adviser to Punjab Chief Minister on Economic Affairs Dr Salman Shah, in his speech on Pak-India trade relations, said trade between the two countries encountered several challenges including tariff and non-tariff barriers, high cost of trade and lack of infrastructure.

Published in The Express Tribune, July 24^th, 2019.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.