ISLAMABAD, Apr 2 (APP):The Pakistan Institute of Development Economics (PIDE) has launched an ambitious reform strategy, “ISLAAH: Immediate Reform Agenda- IMF and Beyond,” to propel Pakistan towards economic stability and growth amid its looming financial crises.
This initiative, embodying the ideals of rethink, reform, and revive, responds to Pakistan’s urgent need for external financing exceeding $120 billion over the next five years, as highlighted by the recent IMF Report, said a press release issued here Tuesday.
Commenting on the reform strategy, the Vice-Chancellor Pakistan Institute of Development Economics (PIDE), Dr Nadeem ul Haque, emphasized the need for a comprehensive approach to address Pakistan’s economic challenges.
PIDE has outlined an agenda aimed at tackling key areas such as regulatory modernization, tax reform, market liberalization, energy sector efficiency, and improvements in agriculture and banking, he added.
The agenda outlines a series of innovative reforms designed to rejuvenate Pakistan’s economic landscape, he said adding that these include debt restructuring and intensified cooperation with the IMF, comprehensive tax reforms for a more business-friendly environment, and strategic opening of the economy to prioritize exports and modernize import regulations.
Additionally, it addresses energy sector inefficiencies, agricultural and banking sector improvements, and the development of real estate and capital markets to encourage investment and deepen capital market participation, he added.
He said that the anticipated impacts of these reforms are substantial, promising to catalyze investment, foster job creation, and facilitate higher GDP growth.
Nadeem ul Haque further said that amidst the urgent need for tax simplification and policy certainty, this budget season demands immediate attention towards streamlining taxes in a revenue-neutral manner and ensuring stability for a decade, with a commitment to refrain from introducing new taxes in each budget cycle.
