At a Roundtable Conference on Pakistan’s Options for Economic Turnaround, hosted by the Lahore Chamber of Commerce and Industry (LCCI), experts shed light on the pressing need for a concrete plan to navigate the country’s challenging economic situation and set it on the path to sustainable growth.
During the conference, various esteemed speakers expressed their concerns and insights regarding Pakistan’s economic predicament. LCCI President Kashif Anwar, Vice President Adnan Khalid Butt, Dr Syed Ali Hasnain from the Lahore University of Management Sciences (LUMS), and Asif Luqman Qazi, Chairman of the Economic Affairs Committee of Jamaat-e-Islami, were among the prominent voices.
Dr Syed Ali Hasnain highlighted the absence of a comprehensive five-year debt management plan, particularly as Pakistan faces a daunting challenge of paying off $75 billion within the next three years. He said, “Luxury goods are imported all over the world but no other country has the same balance of payment problem as we do.”
Qazi stressed the importance of finding a collective solution to the crisis, highlighting the plight of Pakistani youth who risk their lives to reach foreign shores due to unfavourable policies. He called for a unified approach and dialogue among political parties, suggesting the development of a Charter of the Economy to guide future economic decisions.
Kashif Anwar, President of LCCI, underscored the seriousness of the economic challenges currently facing Pakistan. He emphasised the necessity of political stability, economic restructuring, agricultural reforms, privatisation of State-Owned Enterprises, and self-reliance.
Published in The Express Tribune, June 21st, 2023.
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