Miftah urges systemic changes in Pakistan's economic policies

Former Finance Minister Miftah Ismail has called for systemic changes in Pakistan's economic policies, claiming that no political or military leader can save the country from the current crisis until significant changes are made. Speaking at the ‘Reimagining Pakistan’ seminar held at Habib University in Karachi on Sunday, Ismail expressed concerns over the high levels of debt and inflation and urged a consensus on economic strategy. The former minister highlighted the issues of low literacy and poverty, stating that the economy would not perform if half the population remains illiterate. Ismail was speaking alongside former prime minister and PML-N leader Shahid Khaqan Abbasi, aide to former PM Nawaz Sharif Fawad Hasan Fawad, former PPP leader Mustafa Nawaz Khokhar, former Balochistan chief minister Nawab Aslam Raisani, and others at the ‘Reimagining Pakistan’ seminar. Ismail, Abbasi, Khokhar, and Raisani have been holding a series of nationwide seminars to develop a consensus on the future course of action required to bring Pakistan out of the ongoing crisis. At the seminar, Ismail shared his '10 pillars' for development. His first suggested pillar was ‘one nation’—the need for building a coalition for growth in which the elite would contribute to the economy by supporting the middle and lower classes. Also read: US congressman 'alarmed' by human rights violations in Pakistan He called for “increasing the pie” rather than each province’s share in the whole. He further emphasised the importance of gender inclusivity and need to control population growth and implement family planning. He suggested that the rising population was a critical factor halting Pakistan’s development. Ismail also stressed upon the importance of education, suggesting that money spent by governments on education budgets should rather be disbursed to families to better decide on their children's educational needs as the governments have failed to do so. The former finance minister further added that women must be included in the workplace, as has been the case in Bangladesh and other countries, and that it was a must to have gender-inclusive growth. According to Ismail, those in power need to rethink policies with a focus on increasing exports, improving the law-and-order situation, energy, re-evaluating protectionist policies, and doing away with the artificial control on the Pakistani currency’s exchange rate without actual economic growth. He suggested that the government should live within its means, strengthen local governments, focus on privatising failed public enterprises, and let institutions do their own work. "Pakistan will continue to go to the IMF if out tax-to-GDP ratio does not reach 15% and exports do not rise to 15% of GDP," he said.

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