Independent Report. Islamabad
29 Oct
Islamabad: A group of 25 senior officials from the National Institute of Banking and Finance (NIBAF), State Bank of Pakistan, was briefed by senior officials of the Planning Commission to deepen their understanding of the ministry’s role in formulating social and economic development programs. 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, Planning Minister Ahsan Iqbal Chaudhary highlighted essential factors influencing national progress. He noted that the success of neighboring South Asian nations—such as Bangladesh, Vietnam, and Sri Lanka—has largely been a result of political stability and policy continuity. “There are four essential ingredients for any nation’s success: peace, stability, policy continuity, and continuous reforms,” stated Minister Ahsan Iqbal.
Minister Iqbal explained that countries which have demonstrated sustained economic growth have often done so under long-standing government leadership. Using examples from Bangladesh, Vietnam, and Sri Lanka, he pointed out that these nations have seen accelerated growth due to consistent governance. He contrasted this 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.”
Minister Iqbal recounted that Vision 2010, formulated by the government in 1998, was disrupted by the 1999 martial law. Similarly, Vision 2025, launched in 2013 with the goal of elevating Pakistan to one of the top 25 economies globally, faced challenges with the change in leadership in 2018. These political shifts, he noted, hindered Pakistan’s sustained growth.
Describing the China-Pakistan Economic Corridor (CPEC) as a pivotal element in Pakistan’s economic landscape, Minister Iqbal stated, “CPEC has attracted $25 billion in investments over a three-year span, showcasing its transformative impact on our economy.” He reiterated that CPEC remains a game-changer, bringing not only infrastructure investments but also fostering strategic development partnerships.
Reflecting on the state of the economy inherited by the current government, Minister Iqbal acknowledged the need for challenging policy decisions to stabilize 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.
In outlining the government’s priority, Minister Iqbal emphasized the importance of fostering export-led growth, which he described as crucial for enhancing Pakistan’s 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,” he concluded.. A group of 25 senior officials from the National Institute of Banking and Finance (NIBAF), State Bank of Pakistan, was briefed by senior officials of the Planning Commission to deepen their understanding of the ministry’s role in formulating social and economic development programs. 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, Planning Minister Ahsan Iqbal Chaudhary highlighted essential factors influencing national progress. He noted that the success of neighboring South Asian nations—such as Bangladesh, Vietnam, and Sri Lanka—has largely been a result of political stability and policy continuity. “There are four essential ingredients for any nation’s success: peace, stability, policy continuity, and continuous reforms,” stated Minister Ahsan Iqbal.
Minister Iqbal explained that countries which have demonstrated sustained economic growth have often done so under long-standing government leadership. Using examples from Bangladesh, Vietnam, and Sri Lanka, he pointed out that these nations have seen accelerated growth due to consistent governance. He contrasted this 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.”
Minister Iqbal recounted that Vision 2010, formulated by the government in 1998, was disrupted by the 1999 martial law. Similarly, Vision 2025, launched in 2013 with the goal of elevating Pakistan to one of the top 25 economies globally, faced challenges with the change in leadership in 2018. These political shifts, he noted, hindered Pakistan’s sustained growth.
Describing the China-Pakistan Economic Corridor (CPEC) as a pivotal element in Pakistan’s economic landscape, Minister Iqbal stated, “CPEC has attracted $25 billion in investments over a three-year span, showcasing its transformative impact on our economy.” He reiterated that CPEC remains a game-changer, bringing not only infrastructure investments but also fostering strategic development partnerships.
Reflecting on the state of the economy inherited by the current government, Minister Iqbal acknowledged the need for challenging policy decisions to stabilize 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.
In outlining the government’s priority, Minister Iqbal emphasized the importance of fostering export-led growth, which he described as crucial for enhancing Pakistan’s 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,” he concluded.
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