Finance Minister Ishaq Dar has sought financial help from the International Finance Corporation and various other organizations for the establishment of a new institution in Pakistan to mobilize its long-term financial requirements for infrastructure projects which it wants to launch with the assistance of the private sector. No doubt development of infrastructure is the basic requirement for the business, trade and industry which Pakistan lacks in every level. The civic amenities are linked with infrastructure, but the way the government wants to implement its plans is questionable by economists. The country is already burdened with loans in the absence of real industrial growth and is facing difficulties in maintaining the foreign exchange reserves at satisfactory levels. In this situation, the proposed institution, which will be a private sector led financing platform, should not be allowed to become a liability than an asset. This government, which came to power with an agenda of economic development, could not take effective steps to control corruption. Though the country has slightly improved its position in the world corruption perception index, it still has to go a long way to clean the government institutions of corrupt practices.
Pakistan already has various institutions to deal with the situations, but the official machinery is not willing to take proactive approach and work with full zeal. It is more concerned about their salaries and perks than doing anything good to this nation. It is true that the private sector investment can act as engine of economic growth but business community always needs conducive environment where the government should have minimum interference in their affairs. In fact, it is difficult to start a business in the country in a fair manner. Unless the palms of the officials concerned are greased, it is difficult for an entrepreneur to take even a single step. The corporate sector has many evils in it, but even than it is the only choice for the progress of the country. If the finance minister is serious in the development of the nation, he should work to minimize the government interference in the private sector investments. The business community needs encouragement and facilities and they should be involved in the development of infrastructure. It is not a secret that only 40 percent of the allocated amount is spent on a project and the rest goes into the pockets of the government employees concerned.
In a country as is Pakistan, more is the official involvement in the private business, more will be corruption. Therefore, instead of beating about the bush, the government should curtail the authority of the official machinery by softening the laws.
