ISLAMABAD: Speakers at an event, Econ Fest, deliberated upon the current economic and political challenges faced by the country.

The two-day event organised by Pakistan Institute of Development Economics (PIDE) began on Saturday. The speakers included Dr Nadeemul Haque, Vice Chancellor PIDE, Dr Durre Nayab, Director (Research), Pakistan Institute of Development Economics Dr Faheem Jehangir, Chief (Policy), Pakistan Institute of Development Economics; Masood Ahmed President, Centre for Global Development, and others.

The panellists discussed existing problems women face when trying to use digital technology for economic, financial, and social empowerment. They spoke on potential opportunities and policy implications for how these gaps can be filled. They also pointed out that the 18th Amendment requires the federal government to shrink federal ministries. They said that the ability to create new ministries and agencies is seriously limited given that it represents expenditures.

They said that economic cases are numerous in the roster of the court. Simple legal changes like transparent and open property rights and a good real estate market would reduce the roster, they further stated. “Are the courts competently assisted on these economic matters,” one of the panelists asked.

The experts further stated that judicial system of Pakistan is faced with significant constraints that impact its efficiency and ability to deliver timely justice. They added that the backlog due to an unreasonably high number of cases, with many being political in nature and poor court procedures are major causes of delays. They further maintained that economic cases are numerous in the roster of the court. Simple legal changes like transparent and open property rights and a good real estate market would reduce the roster, they said.

Despite experiencing much economic and political adventurism, they noted that Pakistan has still been unable to break the shackles of the development enigma. The question that keeps surfacing is why nothing has worked so far.

Former deputy chairman Planning Commission and vice chairman PIDE Dr Nadeemul Haque said that country’s political economy is an inflationary environment where effectiveness of interest rate-based inflation targeting at central bank is now questionable and the government is increasingly and heavily reliant on borrowing from private banks to finance spending.

Copyright Business Recorder, 2023