On Tuesday, Prime Minister Shehbaz Sharif convened a gathering of top economists, industrialists and businessmen to combat the unprecedented economic crisis in the country and find short-, medium- and long-term solutions to the problem, besides providing relief to inflation-hit people in the forthcoming federal budget 2022-23. This was a good step by the PM to bring together leaders from a wide range of sectors at a single platform for a vibrant and interactive dialogue to discuss the path forward. |
Reports reveal that during the meeting PM Shehbaz Sharif stressed on the need for creating a charter of economy and that all the stakeholders should collaborate on formulating a framework for achieving economic growth. These are exceptional circumstances and the country needs a unified approach and sense of direction if it is to survive the economic crisis. The PM is right in identifying the urgent need to enhance exports and agricultural yield which can be achieved through financial management. In this regard, the government will need external assistance given the scale of the challenge, and it is encouraging to see that the formation of a taskforce on exports and agriculture has been announced.
Time is of the essence however as even based on the estimates of the ruling government, the time frame for instituting short- and medium-term measures is around 15 months. During the meeting ambitious growth targets were also discussed which is positive; however, it remains to be seen how achievable they are given the prevailing circumstances. It is important for the government to make sure that it also does not over-promise and takes into account the on-ground situation.
While this was a positive initiative on part of the government to convene such a meeting, we have witnessed such huddles in the past as well. Also, considering how the government has repeatedly stated that it is seeking to introduce a progressive budget, it would be good to ensure that future gatherings are more inclusive. The meeting could have certainly benefited from the presence of micro-finance banks, CSOs, developmental economists, and most importantly, worker representatives.