Rawalpindi(WNAM Report): The Rawalpindi Chamber of Commerce and Industry has organized a Think Tank session on “Economy of Pakistan and Future Challenges”. President RCCI Saqib Rafiq along with Chairman RCCI Think Tank and Group Leader, Sohail Altaf and Vice Chairman Think Tank and Former President, Raja Amer Iqbal welcomed the Chief Guest Dr. Ashfaque Hasan Khan (SI), renowned Economist and Director General, NUST Institute of Policy Studies (NIPS).
Senior Vice President Muhammad Hamza Sarosh, Vice President Faisal Shahzad, Immediate Past President Ch. Nadeem A. Rauf, Former Presidents, Executive Committee members, representatives from tax bar associations, women members & distinguished members of RCCI also attended the session.
In his welcome remarks President RCCI Saqib Rafiq shared the scope and aim of RCCI Think Tank and remarked that the idea behind this was not to identify the challenges and shortcomings in the economy but at the same time provide the viable solutions to address economic challenges. Chairman Think Tank, Mr. Sohail Altaf said that at this time, the cart driver also knows that the economic situation is not good, due to inflation; the common man thinks that the biggest problem of Pakistan is the economy. Businesses are performing very low and today, Real Estate and Auto Sectors are the worst hit.
Some economic indicators have improved in the last few months; there has been a good consultation with the IMF. However, we have observed over the years that there is no continuation in policies and there is a lack of direction and priorities order, he added. Dr. Ashfaque Hasan appreciated RCCI’s initiative of Think Tank on Economy and assured his support and assistance for recommendations and input for policy reforms. Pakistan’s Economy is currently facing multi-dimensional challenges. Many domestic and international factors have contributed to the current state of the economy. Dr. Ashfaque Hasan also gave a detailed presentation on current economic challenges, historical data analysis and way forward to come out of the economic hurdles.
While highlighting the critical economic challenges faced by Pakistan, Dr. Ashfaque Hasan said that persistence of large fiscal deficit and current account deficit, unprecedented rise in public and external debt, slower economic growth and persistence of high double digit inflation are the main root cause of the economic woes. While recommending the way forward to address these chronic challenges, he suggested lowering the SBP policy interest rate gradually to single digit. Accelerate the pace of privatization of the loss making PSEs as well as DISCOs to reduce pressure on budget and Implement PIMA (Public Investment Management Assessment) Report prepared by the IMF. He also urged to revisit the Current NFC Award. Vice Chairman Raja Amer Iqbal in his address shared historical background and data analysis on Pakistan GDP Growth and Debt obligations.
A detailed Question and Answer session was also held where participants asked questions on different factors, including, inflation, interest rate, cost of production, competitiveness, amnesty schemes, IMF loans, de-industrialization and reindustrialization and debt payments.
