ISLAMABAD: Minister of State for Finance and Revenue, Dr. Aisha Ghaus Pasha on Monday said that Pakistan’s economy needed continuity in policy, structural reforms to make the economy sustainable and inclusive.
Dr. Aisha Ghaus Pasha said this while addressing the launching ceremony of Institute of Strategic Studies Islamabad’s (ISSI) Special Report titled “Economic Security of Pakistan: Challenges and Way Forward” held at the Centre for Strategic Perspectives (CSP).
Other panelists included: Dr. Abid Q. Suleri, Executive Director, SDPI; Ambassador Seema Ilahi Baloch; Zafar ul Hasan, Joint Chief Economist, Ministry of Planning, Development and Reforms; and Amir Zafar Durrani, President, Reenergia.
Dr. Aisha Ghaus Pasha said that the economy of Pakistan was now moving in the right direction but there was a need for sustainability.
She said that human security was the priority of the current government’s economic policies, without which economic sustainability could not be achieved.
She said that food, water and environmental protection were the guarantors of economic development.
Our economic policies will be aimed at helping the weaker sections for which many programs have been launched in the social sector.
She said that economic and social development and national security are an integral part of each other without which the concept of national security cannot be fulfilled.
She said that Pakistan is facing many internal and external economic challenges, which the government has managed to tackle. She said exchange rate, foreign debt are major economic challenges for the current government.
The Minister for States said that there are problems at the policy and administrative level related to tax collection, which are being tried to be overcome.
She said that accountability and transparency is very important to improve the tax system, adding that Pakistan is also facing problems due to the global economy, which the government is trying to control.
She expressed the hope that on the 100th anniversary of Pakistan’s independence, Pakistan would not face such problems, Pakistan is one of the largest economies in the world.
Dr. Aisha G. Pasha, stated that currently there is no imminent threat of default as the government has secured external financial needs for the year 2023.
She proposed increasing tax compliance and implementation of right taxation policy to achieve long-term sustainable economic growth.
Dr. Pasha also stated that the recommendations and structural reforms highlighted in the report are very important and must be implemented to ensure overall economic security of Pakistan.
Meanwhile, on the occasion ,Ambassador Aizaz Ahmad Chaudhary, Director General ,ISSI, welcomed the speakers and shared the idea behind launching the report.
In his remarks Ambassador Chaudhary stated that national security should be measured on a tripod of economic security, human security, and traditional security and the primacy given to Pakistan‘s economic security in the overall national security calculus is a step in the right direction.
In her introductory remarks, Dr. Neelum Nigar, Director of CSP highlighted the importance of economic security in Pakistan. Dr. Nigar gave an overview of the report and elucidated its key outcomes.
She proposed that macroeconomics needs to shift from stabilization to sustainability, from consumption to investment, from imports to exports, and from service sector to industrial.
Dr. Abid Q. Suleri, Executive Director discussed the economic history of Pakistan.
He listed some of the chronic, medium and short-term challenges to Pakistan’s economic security. Moreover, he also listed challenges Pakistan is facing.
Dr. Suleri emphasized on resisting the politicization of economic decision making and proposed creation of an ‘Economic Security Council’.
Ambassador Seema Ilahi Bloch in her remarks emphasized on a link between economic development and gender equality.
She maintained that there is a dire need to address the barriers that impede women’s development in Pakistan as it directly impacts economic development.
She proposed that economists should focus on the development of human capital, 55% of which is women. Moreover, she also recommends enacting laws that promote gender equality and population control.
Mr. Zafar ul Hasan in his remarks emphasized that in order to ensure national economic security, there is a need to develop sustainable economic growth.
He highlighted that owing to multiple factors, Pakistan’s productivity is lowest in the region.
Therefore, he proposed that Pakistan should redirect investment from infrastructure to developing human capabilities.
Mr. Amir Zafar Durrani, while addressing challenges to economic security of Pakistan, highlighted a nexus between elites and poor governance.
He highlighted the loopholes in the taxation system of Pakistan.
According to him, both fragility and disasters are human-triggered and can be controlled by controlling the actions that prompts it.
