Pakistan has been facing a diverse menu of economic challenges, including a massive circular debt, capital flight, balance of payment problems, shortages of foreign reserves, deregulation, unstable prices and fiscal deficit, for many years. If the new government makes bold, wise and strong decisions, Pakistan will easily climb out of this quagmire. It should take steps to overhaul the banking sector, which should be redesigned, reengineered and restructured in such a way that it benefits the country’s low-income groups like farmers.
More tariffs should be imposed on import items, subsidy should be provided to exporters to encourage them, and an uninterrupted supply of power should be provided to industries in order to increase their productivity and efficiency. A skilled labour force should be hired so that per unit as well as overall production costs are minimised. More remittances should be received in order to slash the dollar gap. By adopting these steps, the country will be able to deal with its financial crisis.
Khalil Ahmed Shar
Islamabad
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