Connect with us

Pakistan

Pakistan’s economic security

Published

on

Pakistan is currently teetering on the brink of economic collapse. The recent floods have only added to this dire situation, and the loss to our economy has been unprecedented.

We can avoid this harsh truth as much as we want, but the fact cannot be denied that without strong, drastic measures Pakistan will have no choice but to default.

It is imperative that the government impose an economic emergency. This should be done with the consensus of all stakeholders. It is also extremely important to design and implement economic policies that range from short, mid to long term. The goal should be to implement policies that can carry the country forward. These policies need to be stand-alone, not affiliated with any political party, and should be applicable to all governments, regardless of affiliations. If need be, Pakistan should pass a constitutional amendment which enables it to enforce this policy without political advantage seeking.

The PDM government effectively discouraged luxury imports in order to enhance exports; however, this policy seems to be tapering off gradually. Export promotion needs to be the foundation of our economic policy and promoting industry and factories should be emphasized. Without industrial production, the economy cannot thrive.

It is also imperative to highlight human security. Pakistan cannot thrive if our focus does not shift to effectively prioritizing human security. This will involve synchronization between our economic, trade, foreign, food, security, export, import, industrial and climate change policies. After the National Security Policy Document of 2021, we saw a shift towards human security. And it is crucial this remains the cornerstone of any security policies going forward. Without human security, the social fabric will crumble, and with it, any chances of a stable economy crumble too.

The country needs a proper system for monitoring and evaluation. This system needs to oversee the working and harmonization of these policies and also amend and implement adjustments and changes whenever necessary.

Another area where there seems to be no harmony is in our commercial diplomacy. It is necessary that Pakistan should have a well-researched and well-thought-out commercial diplomacy policy. This policy needs to be bolstered by related institutions and qualified and trained people. Although it is a utopian idea, the well-being of the country needs to come above petty alliances and nepotism. People selected for these posts must be trained and capable. Their primary goal should be to enhance bilateral trade and exports, bringing in foreign direct investment and creating and strengthening ties with neighbouring as well as other relevant countries around the world.

Keeping women out of the economy has a massively damaging impact as they comprise more than half of the population. For economic growth, it is imperative that all citizens, including urban and rural women, have access to opportunities for entrepreneurship, business ownership, and capital. Keeping such a large chunk of the population out of the economy has a debilitating impact on the GDP of any country.

The government should devise strategies to prevent savings from only being invested in the real estate market and to move them towards economic areas that may be more productive or to long-term investment funds. In order to do this, it will be an uphill task to build people’s trust in the economy. The Extended Fund Facility (EFF) and the International Monetary Fund (IMF) cannot be the only fallback to our economy. Productive and prosperous economic growth will not be seen if we stay ensnared in the IMF system.

Pakistan needs to move towards the economic security goals of human resource development, poverty alleviation, and most importantly, political stability. The past year, specifically, has demonstrated how political instability and bad economic policies can bring a country to the doorstep of default.

Investing in Pakistan can be an arduous and complicated process for most foreign investors. The risks of an unstable economy also deter them from bringing their capital into the country. It is, therefore, imperative to have an investor-friendly system in order to encourage FDI.

The Board of Investment (BoI) needs to work on promoting investment by simplifying the steps and do its utmost to move upward on the ease of doing business index. For this, the BoI will have to be restructured with a skilled management that can help Pakistan move forward.

Continue Reading
Click to comment

Leave a Reply

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

Latest News

government contests Imran Khan and Qureshi’s exoneration in the cipher case

Published

on

By

On Thursday, the federal government led by Prime Minister Shehbaz Sharif filed a lawsuit in the Supreme Court contesting the exoneration of former Foreign Minister Shah Mehmood Qureshi and former Prime Minister Imran Khan in the well-known cipher case.

Citing procedural and jurisdictional issues, the Ministry of Interior has appealed the Islamabad High Court’s (IHC) ruling.

In hearing the cipher case, the High Court allegedly overreached its power, arguing that judges cannot change laws where Parliament has not expressly passed legislation.

Despite receiving government-funded legal representation, the petition emphasized Imran Khan and Shah Mehmood Qureshi’s lack of cooperation during the trial, submitting 65 separate motions and neglecting to cross-examine witnesses.

The petition contended that in order for a retrial to satisfy legal standards, the High Court should have ignored important evidence that was given during the trial. It requests that the appeals contesting the IHC’s June 3 acquittal be given a hearing date by the Supreme Court.

Case history

The cipher issue concerns a supposed diplomatic document that disappeared from Imran Khan’s custody. The cipher allegedly contained threats from the US to remove Khan from office, according to the Pakistan Tehreek-e-Insaf (PTI) party. Shah Mehmood Qureshi and several aides, including Asad Umar, are named in the First Information Report (FIR) submitted by the Federal Investigation Agency (FIA) in accordance with Section 34 of the Pakistan Penal Code and Sections 5 and 9 of the Official Secrets Act.

The then-foreign secretary received a diplomatic cipher from Washington on March 7, 2022, according to the FIR. The lawsuit claims that by manipulating the data for their own benefit, Khan and Qureshi put the safety of the country at risk. It alleges that on March 28, 2022, Khan secretly met at his Bani Gala home and gave his Principal Secretary, Muhammad Azam Khan, instructions to change the content of the cipher to his advantage, jeopardizing national security.

The document asserts that Khan still has custody of the cipher, jeopardizing Pakistan’s encrypted messaging systems and possibly helping foreign forces, which would be detrimental to the nation. A complaint has been filed by the FIA’s Anti-Terrorism Wing against Khan, Qureshi, and other individuals for improper use of state secrets and unapproved possession of the cipher.

Acquittal by the Islamabad High Court

In the cipher case, on June 3, the IHC cleared Khan and Qureshi when Justice Aamir Farooq issued a succinct ruling in their favor. Their sentences were appealed in the case, which has since been a source of political and legal controversy, leading to their acquittal.

This acquittal and the ongoing legal and political struggles surrounding the cipher case are highlighted by the government’s subsequent move to contest it.

With potentially huge ramifications for the parties involved and the larger political scene, the Supreme Court’s decision over whether to hear the appeal will be keenly scrutinized.

Continue Reading

Latest News

Shahid Khaqan Abbasi urges political stability in order to accelerate economic expansion.

Published

on

By

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.

Continue Reading

Latest News

Through in-app QR payments, Zindigi and SBP streamline transactions involving sacrificial animals.

Published

on

By

With its in-app QR code payment system based on Raast, Zindigi—powered by JS Bank—has elevated the convenience of cashless payments for the procurement of sacrificial animals to a whole new level for Eid ul Adha.

This program uses QR code payments to streamline transactions for sacrificed animals for the general public and traders. It is a component of the State Bank of Pakistan’s Raast quick payment service.

This feature enables users of Zindigi and users of any digital banking apps or wallets to safely and easily make payments at certain cattle markets throughout Pakistan using Zindigi QR. The consumer must scan the QR code of the livestock merchant and pay the transaction amount in order to complete the payment.

In order to further financial inclusion and digital innovation in Pakistan’s developing economy, Zindigi and the State Bank of Pakistan have partnered. Both organizations are committed to improving the efficiency and accessibility of financial services, especially on holidays such as Eid ul Adha, by utilizing the most recent developments in fintech.

One of the most important steps toward promoting financial inclusion and economic empowerment at the local level is the integration of livestock markets into the digital economy. Farmers and retailers may take charge of their financial operations and help realize the larger goal of an inclusive digital Pakistan by adopting digital payments.

Continue Reading

Trending