DNA

Lahore, FEB 9: Pakistan Businesses Forum (PBF) on Tuesday said country has a need for wide-ranging structural and institutional reforms on encompass tax administration, the wider civil service, management of state-owned enterprises, the energy sector, regulatory agencies, the central bank as well as the regulation of the corporate sector, among other areas.

Despite being involved in conflicts and losing East Pakistan in 1971, the country grew much faster than many leading countries. “For decades, Pakistan’s economic growth was among the top 10 countries in the world and leading economic managers from around the world came to see our economic model,” he added.

Usman Zulfiqar said said Pakistan can still become governable and grow like India and China, but for that the country needs to implement institutional reforms to break from its past of over 25 years.

“I am not impressed with the current growth. I want to see Pakistan growing at least 7-8% for a sustained period to meet the challenges,” he stressed.

No economic system is flawless; there is misgovernance in every system in the world, “We just have to evaluate the results that we get out of any system.”

He said today every Indian state has its own model and each of them is engaged in continuous evaluation to make it better for the people. We are wasting our resources to an extent that we are not even able to benefit from our educated people,” he added.