PSDE conference: youth asked to stick to hope, perseverance

PESHAWAR: Minister for Finance Taimur Khan Jhagra on Thursday urged the youth to stick to the principles of ambition, hope, and perseverance.

He was addressing the 35th AGM and Conference of the Pakistan Society of Development Economists (PSDE) on “Opportunities to Excel: Now & the Future,” which was hosted by the Pakistan Institute of Development Economics (PIDE), in collaboration with the Institute of Management Sciences (IMSciences).

“There will be disappointments along the way, but one must never lose hope. Never compromise on principles. This is how individuals, communities and nations succeed. Moreover, change is inevitable, and we must crack open the doors that resist any positive change,” he added.

He added that those reforms initiated by the government in the province reduced inefficient resource allocations by slashing its development budget from Rs600 billion down to Rs400 billion. He said the funds were reallocated to high priority projects, having the greatest impact.

In addition, he informed the plenary that in just two years, the revenues of the province have almost doubled. The minister also explained how a difficult situation was turned into positive change, creating opportunities for the people.

Moderating the panel discussion on the role of the state, Dr Ishrat Hussain expressed the view that the debate between market and state would be incomplete without incorporating civil society.

“Our discourse on the role of the state must move beyond running diagnostics and looking at micro-level issues instead of focusing on the big issues such as contract enforcement and barriers to entry. The 21st century warrants the existence of a strong state, a dynamic market and a vibrant civil society,” he added.

There was a consensus among the panelists that the government should minimise its footprint on the economy and let vibrant private firms enter the market and grow in size. They said this does not mean that the government has no role to play, rather it should serve as a custodian and create policies that attract both domestic and foreign investment in the markets.

The research presented during the technical sessions highlighted that farmers are vulnerable to climate change.