Finance Minister Emphasizes Policy Continuity, Learning From KSA’s Transformation Model

Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday highlighted the importance of consistency in policies to achieve sustainable progress and learn from Kingdom of Saudi Arabia (KSA)’s Vision 2030 model for robust implementation strategies

ISLAMABAD, (UrduPoint / Pakistan Point News - 5th Dec, 2024) Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday highlighted the importance of consistency in policies to achieve sustainable progress and learn from Kingdom of Saudi Arabia (KSA)’s Vision 2030 model for robust implementation strategies.

He expressed these views in a virtual address to the participants of 1st Workshop on “Implementation Management,” organized by KSA and facilitated by the Special Investment Facilitation Council (SIFC) as part of ongoing efforts to strengthen Pakistan-Saudi economic collaboration, a news release said.

The workshop titled “Saudi-Pak Economic Collaboration Taskforce - Pakistan Transformation was the first in a series of three, with subsequent sessions focusing on Digital Transformation and Social Transformation respectively.

It was attended among others by senior government officials, including Rana Ehsan, Prime Minister’s Coordinator; Salman Ahmed, Ambassador at Large; Khurram Shehzad, Advisor to the Finance Minister; all Federal Secretaries; senior government officers from the federal government; and representatives from provincial governments.

Addressing the participants, the finance minister highlighted the importance of learning from KSA’s Vision 2030 model what he called ‘exemplary model’ of robust implementation strategies.

Highlighting the focus on ”People, Process, and Technology”, he emphasized the need to adopt practices that ensure successful transformation outcomes while considering Pakistan’s unique socio-economic context.

The minister underscored the necessity of policy continuity as a cornerstone for sustainable progress, drawing attention to the concept of “irreversibility” in reforms—a key element in Saudi Arabia’s success story.

“Pakistan has often faltered in ensuring policy continuity.

The lesson we must take from Saudi Arabia is the importance of irreversibility in transformation initiatives,” he remarked.

Aurangzeb also acknowledged the potential for challenges, noting that not every aspect of Saudi Arabia’s transformation model could be replicated in Pakistan.

However, he affirmed that setbacks were inevitable in the pursuit of meaningful progress, emphasizing that learning through failures was an integral part of success. “To ensure success, reforms must not only be implemented but also institutionalized, making them difficult to reverse,” he added.

The workshop featured a comprehensive presentation by Yahya Bin Laden, who elaborated on Saudi Arabia’s Vision 2030’s approach to developing strategic objectives and converting them into measurable outcomes through meticulous implementation processes.

Key principles of their approach include translating strategic objectives into measurable outcomes; establishing clear accountability mechanisms; and focusing on sustainability and irreversibility to ensure lasting impact.

Bin Laden also elaborated on KSA’s implementation phases, including creating quick wins to build momentum, addressing structural challenges, and ensuring continuous improvement through data-driven decision-making and stakeholder engagement.

His insights provided a valuable framework for participants to consider while shaping Pakistan’s transformation journey.

The workshop concluded by reaffirming Pakistan’s commitment to leveraging international best practices, fostering collaboration with the Kingdom of Saudi Arabia, and driving forward the economic and social transformation agenda.

The workshop serves as a significant step in the ongoing collaboration between Pakistan and Saudi Arabia to enhance economic ties and share best practices for governance and transformation.