Social financing vital for country’s uplift: Ahsan Iqbal

LAHORE:Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said on Monday that productivity of social financing was very critical so it should be linked with performance to achieve anticipated results.

Addressing the ‘1st NSPP Public Policy Conference 2022’ here at National school of Public Policy, he said that three factors- productivity of wealth, distribution of wealth and competition with global economy were very essential for the growth of economy. The minister elaborated that wealth creation mechanisms should be geared up as no economy could grow without resources, saying that all stakeholders should perform their active role for the generating wealth. He said that fair distribution of wealth and equality in the social system was also vital for the country’s future.

He said: “We are in a global economy and have to be a globally comparative economy and if we could not maintain world class productive standards then wealth creation would also disturb.” He added that tax, local investments and exports were the main sources for the country’s development, saying that Pakistan’s have to implant so much significance on these sectors for the betterment and bright future of the country.

Ahsan Iqbal said the total volume of Public Sector Development Programme (PSDP) in 2018 was Rs1000 billion which was compressed and now it had been around Rs700 billion, adding that within these limited resources, achieving the goal of development in a short time was difficult.

He mentioned that Pakistan was the country where all resources were available and on capability side, all other countries of the region were at lower side from Pakistan, he added.He said that harmony of political, social and economic platforms were necessary for the development of the country, adding that constructive development of each sector of the country was also important.

“We have to improve and reconstruct our social, and political foundations to alleviate poverty from the country” he said.The planning minister said that Pakistan was facing a hard situation and even a developed country could not cope with such a huge destruction, but the people of Pakistan, the federal and provincial governments, civil society and the friendly countries were all working together to get out of this calamity.