Experts Call for Pakistan’s Economic Reset for Stability
They Stress the Crucial Link Between Governance and Economic Stability in Pakistan
Special Investment Facilitation Council Lauded for Fostering Collaboration in Pakistan
Gender Empowerment and Disaster Resilience Take Center Stage at the 26th Sustainable Development Conference
Experts convened to underscore the pressing need for Pakistan’s economic reset, highlighting the crucial connection between enhanced governance and achieving economic balance and strategic stability in the region. This consensus emphasizes the urgency of transformative actions to realign Pakistan’s internal dynamics with the demands of current geopolitical and economic challenges.
These were the common views of experts who gathered in Islamabad at the occasion of the 26th Sustainable Development Conference. The Sustainable Development Policy Institute (SDPI) organized this event on Tuesday.
The plenary session, titled “Balancing Geostrategic and Economic Diplomacy,” delved into the challenges and opportunities facing the nation.
Foreign Office Spokesperson Mumtaz Zahra Baloch emphasized the significance of the Special Investment Facilitation Council (SIFC), applauding its role as a platform where international, federal, provincial, and local institutions collaborate to enhance investment in the country. Baloch stressed the importance of training diplomats in economic diplomacy to align with evolving geopolitical dynamics.
Dr. Moeed Yusuf, the former National Security Adviser, underscored the need to deploy relevant experts abroad, akin to IT or medical diplomacy, to promote economic interests. Addressing the Palestine-Israel conflict, he urged policy measures to safeguard Pakistan’s interests in the Middle East.
Haroon Sharif, former Chairman of the Board of Investment, highlighted the evolving nature of geo-economics and urged Pakistan to respond uniquely to this shift. Shafqat Kakakhel, Chairman of SDPI Board of Governors, emphasized the emergence of climate diplomacy as a tool not only for national security but also for economic cooperation.
In a session on ‘Green Transition in South Asia,’ experts urged policymakers to integrate a gender empowerment perspective into disaster management and resilience policies in Pakistan. Sandra Baldwin from the Foreign, Commonwealth, and Development Office emphasized the importance of gender-responsive disaster management, citing examples from recent floods in Pakistan.
Hamid Yaqoob Sheikh, from Revenue Mobilisation, Investment and Trade (REMIT), highlighted their program’s efforts to increase taxpayers, strengthen tax revenue mobilization, and address investment challenges. Ambreen Iftikhar from the Board of Investment stressed women’s role in achieving Sustainable Development Goals (SDGs) through contributions to disaster risk management.
Riaz Nazar Ali Chunara, Managing Director of the National Institute of Baking and Finance (NIBAF), commended the State Bank of Pakistan’s efforts toward digitalizing the economy and banking sector.
At a session on ‘Tobacco Taxation – Light at the End of Health and Poverty Tunnel,’ experts advocated for strict regulations and punitive measures to curb tobacco usage, citing its socio-economic hazards. Blanca Llorente from Fundacion Anaas shared Colombia’s success story of major tax increases on tobacco products.
Senator Dr. Musadik Malik, speaking on ‘Prosperity for Pakistan: Policy Agenda for the Incoming Government,’ stressed the importance of focusing on water productivity, agricultural yield, and supporting young entrepreneurs and startups for economic sustainability.
In another session, ‘Empowering Communities: Poverty Graduation in Pakistan,’ PPAF CEO Nadir Gul Barech outlined their strategy based on inclusion, participation, transparency, accountability, and stewardship. Prof Dr. Imran Rasul discussed the impact of interventions on economic attitudes.
The conference reached its culmination with a thought-provoking session on ‘Towards Affordable and Resilient Food System in Pakistan.’ Here, experts underscored the pivotal role of women in guaranteeing gender equality within Pakistan’s food security framework. Delving into the vulnerability of Pakistan’s food systems to global shocks, discussions emphasized the imperative for partnerships and access to data to effectively implement Pakistan’s Economic Reset for a more resilient and affordable food system.
