ISLAMABAD
The All Pakistan Business Forum (APBF) has called for urgent and comprehensive structural reforms to restore fiscal stability, improve governance, and promote sustainable economic growth in Pakistan. The move comes after the IMF’s recent governance and corruption diagnostic report, which highlighted trillions of irregularities and systemic inefficiencies across public institutions.
APBF President Syed Maaz Mahmood said that Pakistan’s recent economic improvements—particularly in exports, small business activity, and workplace productivity—have been significant. However, systemic governance gaps, inefficiencies, and financial leakages remain a major risk to sustaining growth.
Experts also emphasized that recent gains have been largely driven by increased participation of women in entrepreneurship and small enterprises.
Women-led initiatives in technology, export-oriented manufacturing, and service sectors have strengthened resilience in local markets.
Analysts argue that future reforms must actively support women entrepreneurs through access to finance, training, and regulatory facilitation.
Speaking on the issue, APBF President Syed Maaz Mahmood stated that the IMF report is both a warning and an opportunity.
“The report clearly identifies structural weaknesses, but it also provides a roadmap for reform. Pakistan can strengthen governance, reduce leakages, and improve investor confidence if decisive action is taken,” he said.
The APBF Chairman Ibrahim Qureshi highlighted the urgent need to digitalize public-sector processes, including procurement, tax collection, utility billing, and budgeting systems.
“Automation and real-time monitoring are critical tools to enhance transparency and efficiency,” noted Chairman Ibrahim Qureshi. He added that such reforms will not only cut fiscal leakages but also encourage private-sector participation and foreign investment.
Another priority identified by APBF is reforming loss-making public-sector enterprises (PSEs). Inefficient PSEs consume significant state resources, undermining fiscal sustainability.
Analysts recommend either privatization of chronically underperforming entities or the establishment of corporate governance frameworks that ensure professional, merit-based management.
Legal and regulatory reforms were also emphasized. The IMF report highlighted judicial delays and procedural bottlenecks, especially in commercial disputes, which deter both domestic and foreign investment.
The APBF president proposed strengthening commercial courts, streamlining regulatory frameworks, and ensuring accountability institutions operate professionally and independently.
To ensure consistency and long-term impact, APBF recommends the creation of a National Economic Governance Council, comprising government representatives, economists, private-sector experts, and regulators.
The council would oversee reform implementation over a five-year horizon, ensuring that economic policies remain stable and predictable regardless of political changes.
“Pakistan has an opportunity to rebuild its governance framework, strengthen institutions, and achieve sustainable growth. With transparency, coordination, and long-term vision, the country can overcome inefficiencies and unlock its full potential,” they said.
The APBF concluded by urging the government to publicly commit to a clear reform roadmap with measurable milestones, engaging all major economic stakeholders—industry associations, chambers of commerce, and independent experts—in its development and implementation.
Syed Maaz Mahmood reaffirmed APBF’s commitment to supporting the government and other stakeholders in implementing structural reforms.
