Efforts to improve economy


Devastating floods are the biggest challenge currently being faced by Pakistan due to heavy rains in the region. The devastating situation is being observed in Punjab, Sindh and Balochistan. The destroyed bridges and unconnected roads are making it more difficult to provide relief to the affected people. People have now started returning back to their homes. In some areas, things have started to normalize. The government has to provide more employment opportunities, so that affected people can feed their families. We should wait for the impacts of improvement in economy after the induction of Finance Minister Ishaq Dar, as he was out of the country and will take some time to tackle these issues. But, banking management is the area of expertise of Ishaq Dar and he will definitely work in this regard. Finance Ministry is a hot seat and whoever sits on it holds great responsibility. We have to reinvigorate our agriculture sector as well as taking steps to improve the IT sector. We have to look for economic and trade cooperation with the leading world economies such as China, Russia, and the US. The people, state and government of Pakistan are the custodian of CPEC, and we must take it forward for the betterment of the country.
Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar said that his government would try its best to revive economy, which has been critically damaged during Pakistan Tehreek-i-Insaf government’s tenure of quarter to four years. “As a nation we had challenges, we have faced them with success in the past,” he said while citing the examples of economic restriction following nuclear tests of 1998 and declared macroeconomic instability of 2013. “I will not make verbal promises only,” he said and reminded of the past history of PML which had left the government in 2018 with lowest Consumer Price Index (CPI) based inflation of 4 percent, food inflation 2 percent, highest growth rate of 6.3 percent, highest reserves, interest rate at 6.25 percent and stable exchange rate of Rs104.50 against dollar. He said, this all was done despite three sit-ins during the period which had affected the growth rate, otherwise the figures could have touched 7.5 percent. He said, had the country been allowed to grow with the same pace, it was poised to become 18th largest economy by 2025-26 instead of 2030, leaving behind Italy and Canada. However, it was pushed to 54th position, he said. He said, becoming the 18th economy, the country could have enjoyed becoming part of G-20 world premium club, however everything was ruined.
Economy is a constant issue in any country of the world. Therefore, in order to save our economy we have to develop more economic and trade cooperation with other countries. We have to develop new policies and work efficiently to further strengthen various sectors which can become an asset to the country. We think a charter of economy should be signed to get the economy stable. I think the economy should be kept away from politics. There are many things which have to be worked out and it will take time to do so. The newly appointed Finance Minister Ishaq Dar understands the issue of foreign currencies quite well and he is in a position to handle it. Whether Finance Minister is Ishaq Dar or any other, permanent policies have to be developed to get the inflation in control. There are many internal and external factors involved in the fluctuation of dollar rate.