Connect with us

Latest News

Experts for integrated economic governance to overcome crisis

Published

on

Policy experts at a consultation have underscored the necessity for an integrated economic governance framework to help Pakistan escape recurring economic instability cycles, asserting that consistent growth would be achievable only through policy coherence, institutional coordination, and long-term reforms.

A consultation on “Pakistan’s Reform Agenda for Integrated Economic Governance” was co-organised by Sustainable Development Policy Institute (SDPI) and Friedrich-Ebert-Stiftung (FES) here on Monday.

In his introductory remarks, SDPI Deputy Executive Director (Research) Dr Sajid Amin Javed remarked that Pakistan has achieved short-term macroeconomic stabilization many a time but has failed to sustain it.

Pakistan manages to attain stabilization but it loses it in about every third fiscal cycle, he said adding that the consultation was aimed at identifying policy actions that could ensure continuous and sustainable economic growth.

Senior Economist and academician Dr Aliya Hashmi said there is a need for clearly defined national growth targets backed by a holistic reform agenda, implementation framework and robust monitoring and evaluation procedures.

She warned that Pakistan needed to focus on creating productive employment opportunities for its fast rising youth population and that gains in GDP metrics alone would not offer real growth without quality job creation.

Dr Hashmi, who underlined the importance of expanding women’s engagement in the labour market, pointed out that the greater female employment has resulted in lower fertility rates and better economic outcomes in numerous nations of the region, including India.

Dr Muhammad Ali Talpur, Joint Chief Economist at the Ministry of Planning, said political instability, insufficient policy coordination and lack of continuity are important hurdles for efficient economic governance.

He endorsed SDPI’s diagnosis of Pakistan’s economic problems, saying the government had previously identified fundamental governance deficiencies and had taken 142 policy steps in 58 departments to solve them. He stated that major reforms had already been made in the form of separating tax policy from tax administration in the Federal Board of Revenue (FBR), which he said was a reflection of the government’s realisation of structural flaws.

Pakistan was still crippled by consistent internal and external deficits which had restricted economic policy making for decades, said Dr Talpur.

He said future reforms should focus on investment in human resources, increasing exports through deregulation and rationalisation of tariffs and improving export competitiveness.

The National Economic Council, as the highest planning body in the country with representation from federal and provincial governments, was well positioned to support coordinated national development planning and deepen integrated economic governance, he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Workers safely evacuated as water enters Tarbela powerhouse after rockfall

Published

on

By

Water entering the tunnels and power plants of the Tarbela Dam 5th Extension Hydropower Project has been drained following a rockfall, with authorities confirming the situation is now under control.

During excavation work for a connecting tunnel, a piece of rock collapsed, injuring a worker and causing water from a water intake well to flow into the tunnel and the power plant under construction. According to the Water and Power Development Authority (WAPDA), the incident occurred during the excavation of the second bench of the connecting tunnel after a weak rock part gave way.

Haripur Deputy Commissioner Wasim Ahmed said work on the project was stopped immediately after the incident. An emergency was also declared at the site and precautions were taken.

He said all workers were safely evacuated while technical teams of WAPDA and Haripur police were monitoring the situation. Nearby communities faced no threat, he added.

WAPDA said water had been completely drained from the intake pit, while efforts to remove the remaining water from the powerhouse were under way. Senior WAPDA officials, consultants and contractors are assessing the situation to determine the seriousness of the incident.

Authorities also dismissed reports of a collapse in the Tarbela 5 tunnel, clarifying that the project’s main tunnel and power plant were not damaged.

WAPDA confirmed that all workers had been accounted for and no fatalities had been reported. An investigation is under way to establish the cause of the incident. Browse topics

Continue Reading

Latest News

Soldier dies days after militant attack on AJK Police post

Published

on

By

A Pakistan Rangers soldier died of injuries sustained during a firing at Azad Jammu and Kashmir (AJK) police post Rawalakot on November 5, police said on Monday.

Naik Bostan Khan, who was serving in the Sindh Rangers, died on Monday after he was injured in an attack by militants belonging to the banned outfit, an AJK police spokesman said. Bostan Khan hails from Kohat district and was sent along with AJK police personnel to help maintain law and order in the area after the local police requested support, the spokesman said.

The attack targeted an AJK police post in Rawalakota, where militants in banned gear opened fire, seriously injuring a Rangers trooper.

In a statement, the AJK Police spokesperson said the incident once again highlighted the violent conduct of armed elements of the banned organisation, who continue to target law enforcement agencies under the pretext of advocating public rights.

The spokesperson said such attacks undermine peace and stability in the region, while security personnel continue to risk their lives in the line of duty to protect the public and maintain law and order. AJK Police deeply condoles the death of Naik Bostan Khan, condoles his victims and expresses sincere condolences to his family.

The spokesman said the soldier’s sacrifice was part of the ongoing sacrifices law enforcement officers make to fulfill their duty to protect people’s lives and property. The statement also stressed that such cowardly attacks will not demoralize the law enforcement agencies and prevent them from performing their duties.

Reiterating the country’s commitment to security, the AJK police said the authorities remain committed to protecting the public, restoring peace and ensuring law and order throughout the region. The press representative added that those who attack law enforcement officers will be prosecuted in accordance with the law.

Continue Reading

Business

Pakistan, Saudi Arabia investors launch fund to boost trade, investment

Published

on

By

A joint council of Saudi Arabian and Pakistani investors launched a private equity fund on Monday as part of the countries’ broader push to deepen two-way trade and private sector investment.

The Saudi-Pakistan Joint Business Council, formed by the governments of both countries, said the fund’s initial size is “multi hundred million”, which is expected to expand based on opportunities across sectors.

Three-fourths of the fund will be invested in Pakistan, while the rest will be invested in Saudi Arabian projects, the council said in a statement.

The launch of ⁠the ⁠fund comes at a time when Islamabad and Riyadh are deepening longstanding ties, especially in defense, amid few signs of a breakthrough in the months-long US-Iran conflict.

Continue Reading

Trending