Continuity Of Policies Key To Sustainable Growth: Ahsan Iqbal

Muhammad Irfan Published August 04, 2022 | 05:40 PM

ISLAMABAD, Aug 4 (UrduPoint / Pakistan Point News - 4th Aug, 2022 ) :Minister for Planning, Development and Special Initiatives Ahsan Iqbal Thursday said that the continuity of policies was imperative for sustainable growth of the country.

Addressing the launching ceremony of one year growth strategy for Pakistan organized by Pakistan Institute of Development Economics (PIDE) here, the minister highlighted the key elements to turnaround the country's economy.

He said the government had devised excellent policies but could not be implemented due to political instability and frequent interventions in the policies.

"We need political will, stability, continuity of policies, and broad-based consensus to ensure the sustainable growth and development", he added.

He stressed all stakeholders and the political parties to get united and play role in chalking out a charter of economy and prepare strong economic policies for the economic development of Pakistan.

He said PIDE could play key role in drafting strong policies for robust economic growth.

Ahsan Iqbal said the country's remittances were showing good growth but still there was potential to further promote the remittances by ensuring the inflows through white channels.

He said debt servicing was one of the most challenging issue for the government followed by the government owned institutions were were running on huge losses.

The government, he said had to bear huge subsidy of over 40 percent of the total expenditures of Pakistan International Airlines (PIA) and same was the case with many other SOEs.

Likewise, he said circular debt in power sector was also another big challenge as in some areas of the country, 60 to 70 percent consumers did not pay the electricity bills and the cost had to be born by the government and the other consumers.

Iqbal said export led growth was key to success and development and the government was taking measures to boost the country's exports from current $30 billion up to $100 billion per year.