LAHORE – The economists and financial experts have called for major economic reforms in the country before the next budget is presented for approval. They proposed the formation of an Economic Emergency Commission to replace the present Planning Commission which has become the facilitator of corruption in the country.
Addressing the annual Business Industry Promotion Association of Pakistan’s conference at a local hotel, they presented a statistical picture of the economy that can trigger a catastrophic collapse of the economy unless the fiscal and monetary deficits are addressed immediately.
Chairman of the US Global Studies Institute Dr Mahmud Awan suggested privatization of all government owned enterprises so that new revenues can be raised through Islamic Finance instruments such as Sukuk. Secretary of BIPAP Syed Mehran Shah and Shaikh Parvaiz Afzal also spoke on this occasion.
Dr Awan was presented with the Annual BIPAP Award for his economic and legal research on the structure of Pakistani economy. He called for radical surgery of the economy by proposing the elimination of several federal ministries. “Unless federal government expenditures are cut drastically, the deficits will continue to mount and the rupee will depreciate further,” he warned.