Former prime minister Shahid Khaqan Abbasi stressed on Thursday that achieving political stability is imperative for economic advancement in Pakistan, stating that without it, the country cannot move forward.
Speaking on Samaa TV's program 'Nadeem Malik Live', Abbasi highlighted the pressing need for political stability, asserting that it is a prerequisite for any meaningful economic reforms to take root.
He lamented the lack of progress in increasing exports and underscored that the current environment demands stability to attract investments and implement necessary reforms.
Addressing the taxation system, Abbasi slated the volatility in tax policies, pointing out the short-lived implementation of recent tax slabs. He stressed the urgency of crafting a tax structure that is fair and does not burden the populace, suggesting that tough decisions are inevitable for economic revival.
Moreover, Abbasi called for reforms within institutions like the National Accountability Bureau (NAB) and Federal Board of Revenue (FBR), asserting that their efficiency is crucial for economic governance and transparency.
Discussing broader fiscal strategies, Abbasi proposed revisiting the National Finance Commission (NFC) award and advocated for decentralization of power distribution companies (DISCOs) to provinces.
He suggested exploring avenues for cost-sharing in defense expenditures and decentralising management of energy resources to curb inefficiencies and corruption at the provincial level.
Abbasi concluded by emphasizing that unless comprehensive reforms are initiated promptly, Pakistan's economic trajectory will remain stagnant, urging policymakers to prioritize stability and structural reforms to propel the country towards sustainable growth.
