KARACHI: Dr. Miftah Ismail, Minister of Finance, and Shaukat Tarin, former Minister of Finance, agree on formation of the Charter of Savings between political parties, putting aside political differences for sustainable economic growth on together-term the foundation.
Acting as the main guest of the webinar on National Dialogue on Economy: the way forward for Pakistan organized by Nutshell Conferences and Corporate Pakistan Group, on On Saturday, Miftah Ismail said Prime Minister Shahbaz Sharif was ready sign Charter of Economy on minimal agenda despite different ideologies of various political parties.
He said growth in in economy achievable in Pakistan with its huge size of in population but stable economic growth was challenge over Period last years, which must be decided by all mutually in in government and private sector. Consistency is key to economic policy and present government should fulfill an obligation made previous government as part of sovereign guarantees of country and international laws.
Pakistan needs almost $37 billion for in next year for goal of repayment of loans various agencies and countriescontrolling current account deficit and building in required foreign exchange reserves, but this could only be done with signing of a program with International Monetary Fund (IMF).
going to forward, government will focus on hindering growth in in the economy, while the manufacturing sector should export expansion should be prioritized, Miftah said and added. government will work on to revolutionize the agricultural sector, which will especially satisfy the local demand for food items. He said government there will be no restrictions on travel, raw materialsand essential items but only on luxury and uselessness items. In addition, tax rate will not be increased on income of in people added.
Former Finance Minister Senator Shaukat Tarin said that the Charter of Saving is very important for the country he offered for many years back. Political divisions should put aside the economic agenda should be agreed. A little of in next difficult months ahead, but the situation will improved after general elections, he added. Pakistan needs an inclusive and sustainable growth for a long period of time.
In this regard, the ratio of savings to GDP and the ratio of taxes to GDP should increase with incentives and schemes in in next five to six years. The gap between exports and imports is 12%. should to be reduced up to 6% and up to zero in in next a few years, Taryn added. former minister suggested central bank and government to issue new licenses for banks on the foundation of regional borders.
Gias Khan, President of the Chamber of Foreign Investors of Commerce (OICCI) stated that long term and consistent policy is in optional for attract businessmen and foreign investors. Pakistan should focus on its food and energy security on priority basis. In addition, Pakistan should focus on technology services that have huge potential to increase exports and local productivity, Gias Khan.
The country needs to increase production of wheat and major crops for meetings with local demand and increase in exports of agricultural products. Next he added the country is rich in minerals that can be translated into its lucrative exports. Investments should encouraged in manufacturing sector instead of in real estate: we must build skill set of in young population make them role more productive in in economy.
Muhammad Aurangzeb, Chairman of the Pakistan Business Council (PBC), said party consensus is very important in Pakistan because business need stability and consistency of policy. Therefore, the statute of The economy is need of hour, he added.
no shortage of thinking recipes in country, but we need timely decisions and timely execution added. We must focus on capacity building of our youth in every sector that will eventually produce results in in economy. We have to activate environment for freelancers who are growing in numbers in Pakistan.
Farrukh Khan, managing director of the Pakistan Stock Exchange (PSX), said the political challenges should be addressed in in first place before going to fix socio-economic issues in country. government focuses on documentation of in economy but aspect of taxes should implement to stabilize it, it added.
Political stability is very important when it comes to attracting foreign investment and stimulating local investment. in countries said Amjad Waheed, CEO of NBP Fund Management Limited. Privatization of state owned enterprises (SEC) as they eat up over 1 trillion rupees of in valuable income each year while government spending and debt of country should to be reduced gradually he added.
Exit of Farmland of Pakistan should be improved, which can be done with various measures including farm mechanization and supply chain management for effective profit of Agricultural sector, said
Mahin Rahman, CEO of Infra Zamin. We should focus on energy supply, agriculture and food security, and business efficiency, she added.