ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has said the country’s economy is in “recovery mode” after taking tough decisions while stressing on political stability and continuity in policies to achieve long-term economic goals.

The minister made these remarks at the launching of “One Year Growth Strategy for Pakistan,” organised by the Pakistan Institute of Development Economics (PIDE). The event was attended by Secretary Planning Commission, Additional Secretary, Vice Chancellor PIDE Nadeemul Haq, and others.

Speaking at the occasion, the minister appreciated the PIDE for launching the report and asked them to conduct evidence-based research which helps the policymakers to take better decisions in the best interest of the country.

He said there was no dearth of policy formulation in Pakistan’s 75 years history; however, inconsistency in the policies execution and political instability impeded the development and growth in the country.

“Development is contingent upon continuity in the implementation of policies as every developed country witnessed growth after executing the policies persistently for 10 years,” he said, while urging the key stakeholders to focus on governance.

“We are going to celebrate the 75th Anniversary of independence and this is the time we can turnaround Pakistan by focusing on key areas like tax collection, remittance, Foreign Direct Investment and exports,” he said, adding that economic growth goes hand in hand with Foreign Direct Investment and leapfrog jump in the export sector.

The minister further added that unfortunately, Pakistan could not achieve productivity increase in the agriculture sector and it was a big challenge to achieve self-sufficiency in that sector again which was the backbone of the country’s economy, adding that the Small and Medium Enterprise sector would be promoted as the engine of growth to put the economy on growth trajectory.

Copyright Business Recorder, 2022