The Deputy Chairman Planning Commission, Sardar Aseff Ahmad Ali has called for better alternatives to debt for easing Pakistan's fiscal problems and meeting macro-economic challenges being faced by the country. He expressed these views while chairing the meeting of Asian Development Bank (ADB) representatives, officials of Planning Commission and other relevant ministries.
Sardar Aseff Ali urged the donors that grant not debt was the need of the hour. He said that in view of the existing economic situation, the country should be looking at other alternatives to debt, adding that even soft debt needed careful review because it had to be returned unless written off.
He said that the public-private partnership and direct foreign investments needed to be encouraged, considering poverty statistics of the country and a situation where painful exercise of rationalisation of public sector development programme had to be undertaken.
The ADB fact-finding mission led by Jesus Felipe gave a presentation on 'policy implications of structural transformation in Pakistan,' with the purpose of the consultation being 'accelerating economic transformation programme in Pakistan in the context of Pakistan's fiscal and external problems compounded by the international economic situation.'
The delegation explained that ADB's role was to contribute to the development of a programme that led to upgrading and diversification ie structural transformation of economic base in partnership with the country's public and private sector. The delegation focused on the need of structural transformation, particularly in the industrial and exports sector.
He emphasised that Pakistan should pay attention to increasing the level of sophistication of exports particularly in textiles. Sardar Aseff Ahmad Ali in his concluding remarks thanked the ADB mission and underscored the need for increased value addition in view of insignificant value addition in exports.
One participant suggested that the fastest way to value addition was to bring technology through joint venture as it would have low gestation period but significant impact. Another stressed on the need for 'indigenous industrialisation.' Ms Hina Rabbani Khar, Minister of State for Economic Affairs also attended the meeting.-PR
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