ISLAMABAD: President Dr Arif Alvi on Tuesday said Pakistan can attain economic stability through reforms, focusing on tax culture, ending corruption and austerity measure to ultimately reduce the widening gulf between rich and poor.
Addressing at a seminar on ‘Pakistan Economic Insight: A way forward’ here at National University of Science and Technology (NUST), he said financial stability of the country must be in a manner to improve economic conditions of common man. The president said the government’s insistence on financial documentation, tax collection and austerity measures, was justified and also in the best interest of nation. He regretted that fifty percent of world’s wealth was in hands of 100 billionaires, which showed the sorry state of unjust distribution of money, owing to global capitalism.
He called for ensuring equality among people and providing them employment opportunities for better economic conditions. Dr Alvi said cutting down import of luxury items and checking circulation of black money in market, could also prove helpful in gaining economic stability.
He said corruption was a major factor that discouraged foreign investors, who feared insecurity of their capital. He expressed satisfaction that World Bank would assist Pakistan under an agreement this year to improve its ranking of ease-of-doing-business, which was a big factor of attracting foreign investment.
To eliminate poverty, the president said there was a need to uplift people through literacy as 200 million remained out of education network in the country. Also, he said provision of good health facilities was important to avoid malnutrition, resulting in stunted growth.
He expressed satisfaction that relations between Pakistan and the United States were heading in positive direction and both had convergence of views on peace in Afghanistan.
The president lauded NUST for ranking among world’s top 400 universities and for obtaining 35 patents for industry.
Adviser to Chief Minister Punjab on Economic Affairs and Planning Dr Salman Shah in his key-note speech on Pak-India trade relations, said the two countries experienced several challenges including tariff and non-tariff barriers, high cost of trade due to logistic difficulties and also lack of infrastructure.
Renowned economist Dr Ashfaque Hasan Khan said the current 22nd International Monetary Fund (IMF) programme was the toughest for Pakistan and could have been avoided through alternatives such as aggressive import compression policy, floating of sovereign and exchangeable bonds, implementation of second phase of China Pakistan Economic Corridor (CPEC), mobilising more tax revenue and announcing of National Finance Award.
Rector NUST Lt Gen Naveed Zaman said NUST was set to launch a science and technology park this August to bring national and international academia at a platform for quality research. He said NUST had shared its seven innovations with industry in one year, adding that metal heart stents would be made at cost of Rs15,000 as compared to the existing market price of Rs80,000. The seminar was attended by economists, students, members of civil society and think-tanks.