NIBAF, SBP officials told: Importance of export-led growth, increased productivity emphasised

ISLAMABAD: Minister for Planning, Development and Special initiatives Ahsan Iqbal emphasised the importance of fostering export-led growth, enhancing productivity and building a global reputation for Pakistani products.

“Increasing our export capacity is essential for establishing a strong, reliable name for Pakistani goods in international markets.

There are four essential ingredients for any nation’s success: peace, stability, policy continuity, and continuous reforms,” the Planning Minister expressed these views while addressing a group of 25 senior officials from the National Institute of Banking and Finance (NIBAF) and the State Bank of Pakistan (SBP) on Tuesday.

Describing the China-Pakistan Economic Corridor (CPEC) as a pivotal element in Pakistan’s economic landscape, Minister Iqbal said, “CPEC has attracted $25 billion in investments over a three-year span, showcasing its transformative impact on our economy.” He reiterated that CPEC remained a game-changer, bringing not only infrastructure investments but also fostering strategic development partnerships.

Reflecting on the state of the economy inherited by the government, Minister Iqbal acknowledged the need for challenging policy decisions to stabilise the nation’s financial trajectory. He noted that to address the IMF conditions set during the previous administration, the government had undertaken reforms across several sectors, including education, economy, and health.

A group of 25 senior officials from the NIBAF and SBP was briefed by senior officials of the Planning Commission to deepen their understanding of the ministry’s role in formulating social and economic development programmes. The attendees, all serving as joint directors across various State Bank departments, participated to expand their perspective on emerging socio-economic challenges facing Pakistan.

During his address to the delegation, Minister Iqbal highlighted essential factors influencing national progress. He noted that the success of neighbouring South Asian nations—such as Bangladesh, Vietnam, and Sri Lanka—had largely been a result of political stability and policy continuity.

Minister Iqbal explained that countries which had demonstrated sustained economic growth had often done so under long-standing government leadership. Using examples from Bangladesh, Vietnam, and Sri Lanka, he pointed out that those nations had seen accelerated growth due to consistent governance. He contrasted that with Pakistan’s challenges, stating, “Every time the PML-N government set forth a vision, it faced setbacks, whether from shifts to military regimes or opposition-led governments.”

Copyright Business Recorder, 2024