Ahsan Iqbal, the federal minister for planning, development, and special initiatives, stated on Tuesday that it would take economic policies at least ten years to show a profit. The federal minister said in his remarks to the National Forum for Environment and Health that while governments change around the world frequently, policies do not, and that Pakistan was an exception to this rule. He claimed that Pakistan had the ability, the resources, and the educated population to keep up, but that it was being left behind due to policy instability and political chaos. He gave the development budget as an example, stating that his government had left it with a budget of Rs 1000 billion in 2018, but when it was re-elected four years later, the budget was only Rs 500 billion.
According to him, there were roughly 18 hours of load shedding per week when the Pakistan Muslim League (N) came to power in 2013, and terrorism was on the rise in the nation. However, the China Pakistan Economic Corridor (CPEC), which invested $29 billion, installed 11,000 megawatts of power projects within four years, spurring economic growth. Unfortunately, “the experience” of 2018 completely destroyed the economy of the nation, forcing the closure of the CPEC projects, while the cost of servicing the debt increased from Rs1700 billion in 2017 to Rs5200 billion today. He claimed that in order to lead the nation toward development, the government was offering incentives to the private sector.
He highlighted the importance of boosting the country’s exports to reduce debts. He also underlined the need for promoting environment-friendly policies adding Pakistan was among the countries most affected by climate change while the ecosystem of earth planet was deteriorating and food security problem was intensifying.
Environment-friendly policies are needed while the agenda of sustainable development goals has been adopted to end the inequality created in the world, he added.
He said the agenda of sustainable development goals has been adopted to end the inequality created in the world.
The minister said that businesses that share profits with their employees and the region develop in the long term.
