SIFC task

Pakistan is thinking big, and mulling an out-of-the-box solution as economic woes are piling on. Bizarre of IMF dictations and its fruitless piecemeal packages, the country is perhaps trying to find a solution in terms of throwing open its potential for luring in big money. This is why apparently Army Chief Gen Asim Munir has tapped Pakistan’s business community, and is looking forward to turning around its fortunes by streamlining the taxation system, correcting the forex course of action and eradicating corruption in the body-politics. He is hopeful that billions of dollars will come pouring in if the right infrastructure and confidence is set in. The newly-established Special Investment Facilitation Council (SIFC) holds the key in realising the dream, and is oriented in such a way that it caters to the indispensability of strengths in the agriculture sector by offering land and ensuring exports, apart from lucrative incentives in industrialisation, mining, minerals and oil and gas.

The army chief is eyeing the silver-lining from Saudi Arabia and the UAE, as they had hinted at magnanimity in this hour of economic distress to Pakistan. Riyadh is likely to come up with a $25 billion investment package, and so is the volume of expectation from Abu Dhabi. Likewise, other Gulf states such as Qatar and Kuwait are also in the loop as Pakistan is eager for project-oriented investment in avenues where these respective states have their own interest and expertise. The SIFC is the way to go ahead as it has been tailor-made by taking out red-tapism in an endeavour to project a transparent mosaic free from complicity and malpractices.

Pakistan has an uphill task as it finds itself groped with a sinking currency, stagnated exports, soaring imports and a dejected growth profile. Moreover, crises in the form of spiraling inflation, exorbitant petroleum and electricity prices are challenges that will deter the investors if a complete paradigm turnaround is not assured. This is where the SIFC has to put in its brains. It is a challenge that has to be tackled in all sincerity.

Published in The Express Tribune, September 6^th, 2023.

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