‘Economic policies need at least one decade to pay off’

Staff Report

ISLAMABAD: Federal Minister for Planning, Development and Special Initiative, Ahsan Iqbal said here on Tuesday said that economic pol-icies needed at least ten years to pay off.
Addressing the National Forum for Environment and Health, the federal minister said, it was usual that governments change in the world but poli-cies do not change, however the case was different with Pakistan. The minister said, Pakistan had no lack of capacity, resources and educated people, however due to instability in policy and political chaos, it is left be-hind.
Citing the example of development budget, he said, his government had left development budget of Rs1000 billion in 2018 however when four years later it again took the government, the development budget was reduced to just Rs500 billion.
He said, when Pakistan Muslim League (N) assumed power back in 2013, there was around 18 hours load-shedding while terrorism was on the rise in the country. However, within four years, 11,000-megawatt power projects were installed and $29 billion were invested under China Pakistan Economic Corridor (CPEC), which led to economic development.
Unfortunately, ‘the experience’ of 2018’ destroyed the country economically and CPEC projects were closed whereas the debt servicing has increased from Rs1700 billion in 2017 to Rs5200 billion now.
He said, the government was providing incentives to the private sector to take the country on the path of development.
He highlighted the importance of boosting country’s exports to reduce debts. He also underlined the need for promoting environment-friendly poli-cies adding Pakistan was among the countries most affected by climate change while the ecosystem of earth planet was deteriorating and food se-curity problem was intensifying.
Environment-friendly policies are needed while the agenda of sustainable development goals has been adopted to end the inequality created in the world, he added.
He said, the agenda of sustainable development goals has been adopted to end the inequality created in the world.
The minister said that businesses that share profits with their employees and the region develop in the long-term.