LAHORE: The Bank of Punjab Management held a client event in Lahore this week with Professor Stefan Dercon as Chief Guest. Stefan is Professor of Economic Policy at the Blavatnik School of Government and the Economics Department, at the University of Oxford.

He combines his academic career with work as a policy advisor, providing strategic economic and development advice.

The event was attended by senior industry leaders and prominent businessmen of the country.

Prof Dercon has been working with the government to review the strategic economic plans for the country and incorporate international best practices.

He is spearheading the ‘Committee on the Home-Grown Economic Plan’ for the Government of Pakistan, and advising the Government on developing and implementing a medium-term reforms agenda that will support economic growth through higher international trade and greater private sector participation for job creation and poverty alleviation.

These reforms will support the economic stabilization policies outlined by the government in the IMF EFF agreement.

During the discussions, Prof Dercon stressed on the need to use the current crisis as an opportunity for economic reform. He emphasized the current structure of the economy distorts the allocation of resources, stifling productivity growth.

He also highlighted the anti-export bias of the policies and the need to move the economy away from import substitution towards export-led growth. He also emphasized the need for corrective actions to improve the investment climate, boosting private and foreign investments in the economy.

Copyright Business Recorder, 2024