HomeWorldPakistanCorruption does not affect Pakistan's economy development: Ahsan Iqbal

Corruption does not affect Pakistan’s economy development: Ahsan Iqbal

Planning Minister Ahsan Iqbal on Monday said corruption wasn’t basic reason holding back economic development, claiming that there were examples of countries what happened progress despite the same levels of corruption.

The PML-N leader pointed out that there are much more serious obstacles in the way of Pakistan growth were political instability and policy feedback” as opposed to corruption.

Presentation at the seminar in Islamabad, he said: “The biggest lesson today is that I can count many countries in in world which has developed despite the same corruption as ours, but you cannot specify out a single country that developed despite political instability and discontinuity of policy”.

Iqbal gave examples of Bangladesh and India, which he says have managed to grow despite their corruption. problem was just as harsh as in Pakistan.

He said that there is a “structural problemThis did not allow Pakistan to take off as he stressed that the reforms would take “at least a decade” to really work. If not for the continuation in direction for 10 years later no good measure will give results added.

“We have failed to give continuation of the policy in this country and big reason for this is our domestic political situation.”

Iqbal said that the economic growth in Pakistan required strong financial discipline and economic management.

“We should move to export-oriented growth”, he said, adding that Pakistan was lagging behind behind other in in region since the ratio of tax to GDP never exceeded 12 percent.

He lamented that Pakistan also backlog behind in export compared to others in this is region.

Planning minister said that the current foreign direct investment is only $1.5 billion, while in Vietnam it was 30 billion dollars.

In addition, he pointed out out that the ratio of savings to investment in Pakistan was very low.

Iqbal said that Pakistan has not paid attention to its human resources. developmentand dream of economic development could not be completed with insufficient level of education.

“We must make our youth qualified and educated. because of CPEC (China-Pakistan Economic Corridor) project, we got attention of in world. world wanted invest here,” he said.

Planning minister said that in in order to balance its annual budget, Pakistan will have to move to export-oriented growth thus economy can become sustainable and inclusive.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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