Major economic reforms not likely in 2017: experts

Jang Economic Session

LAHORE: Major reforms in the economic and social sectors are not expected from the government during the year 2017 but some relief measures could be initiated while there is a need to save the public sector institutions, ensure justice and effective accountability.

These views were expressed by the experts in the Jang Economic Session on ‘Economic reforms expectations in 2017’. The panellists were Dr Ikram-ul-Haq, Qalb-e-Abid, Hamid Malhi, Hussain Ahmed Sherazi, Farooq Tariq and Younis Kamran while hosted by Sikandar Lodhi.

Dr Ikram-ul-Haq said that economic prospects were not good as the country needed over two million new jobs for which a huge investment was required. He said value addition, modernisation and quality education were crucial for strong economic system while the Chinese investment was only for its own objectives. He called for resetting the priorities. Qalb-e-Abid said that civil society played a vital role in the growth of any country while Pakistan had been passing through critical junctures despite the label of a failed state. He called for planning commission, economic managers and public should jointly work for the economic prosperity of the country. He stressed the need of good governance.

Hamid Malhi said that new policies were not expected this year but issues could be reduced by implementing existing policies. He called for practical steps to bring the agriculture sector into the tax net while establishment of Punjab Agriculture Forum was a welcoming step as it would resolve long-term issues of the sector. He called for improving every sector’s performance to revive the system.

Hussain Ahmed Sherazi said that economic reforms could not be expected as 2017 would be an election year. He called for improving the performance of regulatory institutions. He said majority of national institutions were on board to make CPEC successful which was a good omen. He called for promoting knowledge-based economy. He believed that indirect taxes increased the burden on poor public.

Farooq Tariq said that concerns of counter reforms in 2017 were emerging while the debt burden had increased on the economy due to CPEC and Chinese were purchasing national assets due to weak economy.

He believed that local investors had surrendered quickly while there was a need of individual and collective measures to cope with the situation. He suggested that the government should try to establish its might against the Chinese invasion, reduce the debt burden and improve the labourers condition.

Younis Kamran said that 2017 would be the election year so it would be hopeful year for the public as the government would focus on availability of utilities. He said the Chinese companies were keenly taking interest to invest in Pakistan due to CPEC while economic activity would increase with special economic zones and the US and Europe would also focus on Pakistan. He called for increasing exports to China as well.