Call to evolve joint economic strategy

LAHORE: The caretaker government is increasing the economic problems of Pakistan, therefore, all the political parties should cooperate with each other to make policies on economic issues to evolve a joint strategy to cope with the economic issues as strong economy strengthens the democracy.

These views were expressed by the experts in Jang Economic Session on “What could be Economic Situation of the Country after General Elections?”

The panelists were Dr Qais Aslam, Falahat Imran, Hussain Ahmed Sherazi, Muhammad Ali Mian, Agha Sayyedain and Khalid Paracha while the event was hosted by Sikandar Lodhi. Dr Qais Aslam said the businessmen were facing problems in doing business which was worsening the economic situation.

He said agriculture ensured food security but its share in GDP had declined to 19 percent from 24 percent. He said water storages and dams were not constructed which exposed the priorities of the government. He said correct data was not available for effective planning while World Bank also rejected the growth figures. He said situation could not be changed without reforming the public sector. He suggested alternative energy resources instead of oil-based energy generation.

Falahat Imran said that SME sector needed focus for economic growth and national security besides promoting the tourism sector. She said private sector did not get required facilities despite good performance. She called for creating job opportunities for the youth.

Hussain Ahmed Sherazi said the political parties and leaders were not giving importance to economy which was the most important issue in the current situation. Politics is the business for majority of politicians, he added.

He said Pakistani rupee was on ventilator and economic situation was indicating that no other option was left but to approach the International Monetary Fund (IMF). He said Pakistan needed a sensible leadership to increase national income and promote trade.

He said imposition of taxes on remittances would promote Hundi and Hawala. He said new government would face challenges of poverty, declining national income and many internal and external issues.

Muhammad Ali Mian said economic emergency should be imposed and every hour should be considered important to control the situation. He said the caretaker government principally could not make any policy decision so this time was difficult for Pakistan. He said no political party had given its economic agenda.

Agha Sayyedain said the former finance minister controlled the rupee-dollar exchange rate artificially and now the public was facing the consequences of it. He said the economic condition of the country was asking for economic emergency, for which, the country required a competent economists’ team while no option was left other than International Monetary Fund bailout package.

He said the growing economic problems were increasing the social issues while the current economic situation was not different than the situation in 1947 so all the political parties should jointly make economic agenda.

Khalid Paracha said that economy was stuck in vicious circle while the public was in trouble due to critical economic issues. He said the commoner was facing the outcome of wrong economic decision. He said honest leadership could save the country.