LAHORE: It is necessary to increase exports and decrease expensive imports at national level by adopting simplicity and austerity. There is a need to invest in areas of youth skills and reduce dependency on foreign loans and aid. The government should provide respect and protection to businessmen and taxpayers. It should increase national income and focus on SME sector.
These views were expressed by discussants at Jang Economic Session on ‘How can Pakistan reduce its dependence on foreign loans and aid?’ The panellists were Principal Hailey College of Commerce Dr Zulfiqar Ahmed, Vice-President LCCI Haris Ateeq, Khurshid Ahmed and Azeem Ahmed Bari while the session was hosted by Sikindar Lodhi.
Dr Zulfiqar Ahmed said the nation should adopt austerity measures to get rid of burden of external debt and aid on national economy. He stressed the need for implanting skills in youths. He stressed effective laws to curb imports of luxury cars and mobile phones and other non-essential items worth millions of rupees to curb rising foreign debt. He suggested promoting all sectors including SMEs, mines, minerals, industry to reduce trade deficit. He urged the government to promote job creating individuals, especially professional educated youths instead of jobseekers. Get netter results from SMEs by focusing on providing easy loans like other developed countries.
Haris Ateeq said external debt burden was one of major economic challenges which will exceed to $102 billion in June 2021. He asked for adopting all measures to increase exports and reduce imports for minimising trade deficit. He stressed the need for focusing on value addition in manufacturing and increasing the share of SMEs in domestic exports to increase domestic exports. He said circular debt crossed Rs2.327 trillion by 2021 which is the main reason for obtaining external debt and the power sector needs to be made efficient to reduce it.
Khurshid Ahmed said rising external debt on economy was injustice with future generation so self-reliance should be adopted. He stressed brining non-taxpaying people in tax net to increase national income. He suggested reducing imports of luxury goods. He believed multiplied could be multiplied by promoting vocational training and education. He asked for protecting labour class rights including minimum wages for development of the country.
Azeem Ahmed Bari said current socio- economic situation of Pakistan demands tough decisions to improve economy instead of repeating mistakes of the past. However, present rulers disappointed the public as everyone is struggling for bread and butter, he said and asked for a fair system to eliminate economic problems.