Shahid Khaqan Abbasi, the former prime minister, emphasized on Thursday how important political stability is to Pakistan’s economic development and how the nation cannot prosper without it.
His concern was that export growth had not progressed, and he emphasized that stability in the current climate is vital to draw investments and carry out the necessary reforms.
In his criticism of the tax system, Abbasi brought up the erratic nature of tax laws and the transient nature of the most recent tax slab implementation. Insisting that difficult choices are unavoidable for economic recovery, he emphasized the necessity of designing a tax system that is equitable and does not burden the people.
Furthermore, arguing that the effectiveness of organizations like the Federal Board of Revenue (FBR) and National Accountability Bureau (NAB) is essential for economic governance and transparency, Abbasi urged for changes within these and other organizations.
Abbasi, in his discussion of more comprehensive fiscal plans, suggested that the National Finance Commission (NFC) award be reviewed again and that power distribution companies (DISCOs) be decentralized to the provinces.
In order to reduce inefficiencies and corruption at the provincial level, he recommended looking into ways to share the cost of defense spending and decentralize the management of energy resources.
In closing, Abbasi emphasized that Pakistan’s economic trajectory will stay stagnant unless comprehensive changes are implemented immediately. To move the nation towards sustainable progress, he urged policymakers to give stability and structural reforms first priority.
