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By Raheela Nazir
ISLAMABAD, Sept. 11 (Xinhua) – The newly elected Pakistani government led by Prime Minister Imran Khan has expressed his strong determination to strengthen the country's cash-strapped economy and has committed to the put back on the five years.
In his first speech to the nation after his election as prime minister, Imran Khan said that Pakistan was in the worst economic situation, promising to take steps to reduce the country's external debt, which exceeds $ 95 billion. dollars. dollars.
"Without a vibrant economy and a strong economic base, it may be difficult for us to achieve.The top priority is a strong economy," Asad Qaiser, president of the National Assembly, told local media recently.
In his view, strengthening the weak economy, reducing the debt burden and developing neglected sectors of agriculture and industry would be among the top priorities of the Pakistani government of Tehreek-e-Insaf ( ITP).
As proclaimed in PTI's economic agenda, the Pakistani economy will grow on average by more than 6% under its government. Inflation will be reduced from 12% to 7% and the industry will increase by 9%, according to the government's economic program, which also declared that the budget deficit would be reduced to 4.5% of gross domestic product (GDP).
Prime Minister Imran Khan legally formed an 18-member Economic Advisory Council comprised of economic experts from Pakistan, Great Britain and the United States. The main objective of the council will be to provide economic advice to the Government of Pakistan, in particular to the Prime Minister.
While welcoming the announcement of the economic plans of the government in place, the Pakistani business world has however encountered various internal and external problems, such as law and order, energy crises, economic policies image Pakistan around the world for the state of health of the country's economy.
Hamyun Iqbal Shami, chairman of the Pakistani Economic Forum in Islamabad, told Xinhua that the current government needs to take concrete steps in the right direction by adopting results-oriented economic policies without making political compromises.
He said that "Pakistan needs an increase in exports, a rapid industrialization, a high GDP growth rate and the modernization of its agricultural sector to boost its economy." .
For this we need a cheap and unrestricted electricity supply. There is an immediate need to build dams that can be constructed quickly and cheaply, as the agricultural sector, Pakistan's second largest sector, accounting for more than 21 percent of GDP, needs water.
He added that "Special Economic Zones (SEZs) should be put in place quickly." CPEC-related projects and the relocation of Chinese industries to SEZs should be the government's priority program to improve the country's economy. ".
Vaqar Ahmed, deputy director general of the Institute for Sustainable Development Policy, discussed with Xinhua the various economic challenges that the country is currently facing.
He said that "the balance of payments is a major crisis that the current government is currently facing". According to the latest statistics, the deficit of more than 18 billion US dollars, or 6% of GDP, is the largest deficit in over a decade.
"Over the past five years, exports have decreased by 20% instead of increasing, and if we had achieved a normal growth of 15% in exports, we would have earned $ 55 billion every year, and if we added $ 20 billion dollars payments would have been positive, "he said.
Ahmed explained that another major crisis is related to our budget deficits. The government should take serious steps to appropriate the tax-to-GDP ratio and collect at least 8 trillion rupees (US $ 110 billion) a year to maintain order.
He added that "the government should set the dollar-rupee parity at Rs 120. Taking this measure alone can generate at least 20 billion US dollars that were kept in lockers and houses by people who hoped to increase the value of the US dollar ". "
Pakistani women entrepreneurs have placed great hopes in the development agenda of the current government and have given unconditional support to its efforts to transform the national economy.
"All women entrepreneurs have accepted Imran Khan's development program that will put the country on the path to progress and prosperity," said the president of the Chamber of Commerce and Industry. Islamabad, Samina Fazil.
Local economists and analysts believe that the goal set by the current government can be achieved through a skilled economic team, harmonious coordination among ministries, and sound and timely decisions to deal with the immediate crisis.
