Federal Minister for Planning Ahsan Iqbal has said that corruption is not the main reason for Pakistan's lack of development. Addressing...
Federal Minister for Planning Ahsan Iqbal has said that corruption is not the main reason for Pakistan's lack of development.
Addressing a seminar in Islamabad, Federal Minister for Planning Ahsan Iqbal said that the biggest obstacle to Pakistan's development is not corruption but political instability and lack of economic continuity.
He said that I could lose countries in the world which have developed in spite of our corruption but you cannot describe a country which has developed in spite of political instability and inconsistency of policies.
Citing the example of Bangladesh and India, Ahsan Iqbal said that these countries have made progress in spite of corruption like Pakistan.
Read more: Nation should reduce tea consumption to save foreign exchange: Ahsan Iqbal
He said that there is a structural problem in Pakistan which is not allowing Pakistan to take off.
He emphasized that the reform process needed "at least a decade" and that "if there is no continuity of direction for 10 years, good results will not be achieved."
The Federal Minister said that we have failed in the continuity of policies in the country and this is the biggest reason for our internal political situation.
"We have not moved to an export-oriented economy. Countries that have developed have made exports their main source of income. Pakistan has lagged behind in the region because the tax-to-GDP ratio in our country has never been above 12%," he said. Did not go
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The Federal Minister for Planning said that foreign direct investment in Pakistan is barely 15 billion while in Vietnam it is 30 30 billion. Pakistan's savings and investment ratio is also low.
Ahsan Iqbal said that Pakistan neglected the development of human resources, the dream of economic development can not be fulfilled without a good rate of education.
"We need to make our youth skilled and educated. The Pak-China Economic Corridor (C-PAC) project got us worldwide attention. The world wanted to invest here," he said.
The Federal Minister for Planning said that in order to balance the annual budget, we have to make progress through exports so that there can be sustainable growth in the economy.
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It may be recalled that earlier Ahsan Iqbal had requested the people to drink less tea to overcome the problems of foreign exchange.
"I want to appeal to the nation to reduce one or two cups of tea because we import tea on credit," he said.
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