Pakistan needs to put ‘economic house in order’, says Qureshi

UN official says Pakistan should encourage private sector to spur economic growth.

ISLAMABAD:

Foreign Minister Shah Mahmood Qureshi on Wednesday said that for Pakistan to achieve its foreign policy objectives, putting its "economic house in order" is crucial.

Addressing a ceremony held for the launch of "Leveraging Private Investment for Pakistan’s Sustainable Development" report at the Ministry of Foreign Affairs, the foreign minister said that the government is working towards a more hospitable investment environment to help bolster the confidence of investors.

He said that Pakistan is committed to Sustainable Development Goals (SDGs) and the United Nations’ (UN) Agenda 2030 to ensure inclusive and sustainable growth.

He emphasised that Agenda 2030 and SDGs need to become a global framework to encourage the private sector to capture the benefits and trade-offs of sustainable development.

He recalled that the country had achieved an encouraging growth of 5.37 percent even though the macro-economic indicators pointed towards the wrong direction in August 2018 when the incumbent government assumed power.

Qureshi said that for Pakistan, it was a challenge to achieve the objectives of sustainable development, as it was in the International Monetary Fund’s (IMF) programme.

In this regard, he said, Pakistan needs to be innovative and should think out-of-the-box solutions to spur growth.

He also said that the government’s priority has changed with the recent launch of the National Security Policy, which focuses on economic policy with a special focus on food and water security.

The foreign minister said that linking sustainable growth to development is the goal of the government and expressed confidence that the report would set guiding principles for inclusive and sustainable development.

He said that the Foreign Office (FO) has a leading role to play in this regard, and encouraged the diplomats to get out of the concept of working solo, and should focus on a coordinated approach.

UN Development Programme Resident Representative Knut Ostby said that the global development financing sector is at a crossroads with many countries struggling in the wake of the Covid-19 pandemic and climate change.
 

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He said that the UNDP was providing policy advisory and technical assistance to Pakistan, and has proposed that the government should adopt a holistic policy framework.

He also said that UNDP recognises Pakistan’s economic and development policy goals to foster regional trade, investment, and connectivity between Afghanistan, China, Iran, and Central Asian Republics for stability.

He emphasised encouraging the private sector to spur economic growth in the country.

UNDP’s Senior Adviser on Finance Haroon Sharif briefed the participants about the key features of the report, focusing on leveraging the private sector for Pakistan’s sustainable development.

UN Additional Secretary Nabeel Munir said that the government was committed to achieving sustainable development and UN’s Agenda 2030 for a prosperous Pakistan.