‘Policy continuity imperative for growth’

Iqbal urges mobilisation of domestic resources to curb borrowing

ISLAMABAD:

Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, on Wednesday, underscored the criticality of political stability and continuity in economic policies to propel Pakistan towards sustained growth and social prosperity. Speaking at the Pakistan Development Summit, he highlighted the country’s abundant natural resources, envisioning rapid economic growth and social development within a decade.

The summit, themed “5Es Framework Roadmap to a Trillion Dollar Economy by 2035,” aimed to convene stakeholders from industry, academia, and sectoral professionals to chart Pakistan’s economic future. Through nine key thematic sessions under the 5Es Framework, expert insights will inform a comprehensive plan for sustainable economic development and social progress.

Iqbal stressed the necessity of crafting an economic charter and maintaining policy continuity to rejuvenate the national economy. He underscored that peace and political stability were essential prerequisites for accelerating economic advancement, aiming not just to compete regionally but to align with neighbouring economies.

Highlighting the transformative impact of the China-Pakistan Economic Corridor Project (CPEC), he noted its potential to revitalise local industrial and agricultural sectors. He urged the mobilisation of domestic resources to curb reliance on borrowing, citing the existing gap between government income and debt repayment.

Regarding fiscal challenges, Iqbal highlighted the discrepancy between government income and expenditure, necessitating significant borrowing annually. He underscored the importance of tax compliance, noting that a substantial portion of the population, including large businesses and traders, evade electricity bills and taxes.

He also underscored the imperative of bolstering forex reserves to meet international commitments.

Published in The Express Tribune, May 16^th, 2024.

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