IT is not correct and wise thinking that only the ministry of finance can stem the economic rot of Pakistan. If at all we have to get rid of the slavery of the IMF, the entire nation, including the government machinery, needs to correct our direction (Qibla) without wasting a moment, as waste of over 75 years was more than enough time to completely mortgage our country into the stranglehold of our creditors. Now, leaving aside politics, we must concentrate and focus only on the factors that could re-build Pakistan on a fast track model. Given below are some doable home-grown solutions for Pakistan to economically flourish without taking any help from the IMF:
Invest in renewable energy: Pakistan has a wealth of renewable energy resources, such as solar and wind power. Investing in these resources would help reduce the country’s reliance on imported oil and gas, which would save money and reduce pollution. Moreover, cheapest and most reliable energy is available to us from Iran for which Pakistan MUST make concerted efforts by some out-of-box and daring thinking and actions by bringing this energy source under the ambit of the CPEC and visionary planning of building oil and gas pipeline of Iran to China through Pakistan as it will be more risk free than the bringing gas etc from Turkmenistan via Afghanistan. Here we should not forget that by out-of-box thinking earlier India purchased Iranian oil without payments for ten years to circumvent sanctions on Iran.
Increase IT exports: We must focus on the impediments facing our IT sector exports and in this regard there was a an extra-ordinary need of formation of Pakistan IT Exports Board which should also be equipped with regulatory for ensuring radical improvement in the very poor IT education standards in Pakistan.
Expand the tourism industry: Pakistan has a rich history and culture which could attract tourists from all over the world. Expanding the tourism industry would create jobs and boost the economy. Promote small businesses: Small businesses are the backbone of any economy. By providing support and training to small businesses, Pakistan can create jobs and stimulate economic growth. Improve education system: A well-educated workforce is essential for economic growth. By improving the education system, Pakistan can produce a more skilled workforce that can compete in the global economy.
Invest in agricultural sector: Pakistan is a major agricultural producer, but its agricultural sector is still underdeveloped. By investing in the agricultural sector, Pakistan can increase food production and reduce its reliance on imports. This would help boost the economy and create jobs.
Export trained manpower: Pakistan has a large pool of skilled and educated workers. By exporting trained manpower, Pakistan can earn foreign exchange and help create jobs. This would help boost the economy and improve the standard of living for its citizens. Here are some specific examples of how Pakistan can invest in the agricultural sector and export trained manpower: Invest in irrigation and water management systems: This would help increase crop yield and reduce the risk of crop failure. Invest in agricultural research and development: This would help develop new crops and agricultural practices that are more resistant to pests and diseases.
Invest in agricultural education and training: This would help create a skilled workforce that can meet the demands of the agricultural sector. Develop a strategy to export trained manpower: This could involve working with foreign companies to identify the skills that they need and then training Pakistani workers to meet those needs.
Reduce corruption: Pakistan must devise a method of replacing the system and culture which ensures that ‘Corruption Pays’ rather than ‘Corruption is a Crime’. Corruption is a major drain on the Pakistani economy. By reducing corruption, Pakistan can save money and improve the efficiency of government services. One of the easiest ways to minimise corruption is to bring in transparency and accountability by using IT in the system of each and every department dealing with public but the customs and tax departments must be 100% automated on top most priority. Moreover, NO funds for development projects should be allocated to the parliamentarians at any cost. Other government departments must learn from the Punjab Education Department where the transfer of hundreds of thousands teachers has been computerised resulting in virtual elimination corruption and other malpractices. In addition to the above suggestions, Pakistan could also consider the following:
Freeze politics for 10 years: We have had enough of politics which has virtually blown us apart and badly divided the nation, whereas, without unity there can be no prosperity. Now Pakistan deserves a break from politics, as otherwise also without grass root level democracy in the political system and the political parties (sans proper/genuine intra-party elections), claims and slogans for democracy were a sham and a big farce.
Expanding trade with other countries: Pakistan could negotiate trade deals with other countries to increase exports and reduce imports. This would help boost the economy and create jobs. Investing in infrastructure: Pakistan’s infrastructure is in need of major investment. By investing in roads, bridges and other infrastructure, Pakistan can improve the efficiency of the economy and make it easier for businesses to operate. Attracting foreign investment: Pakistan can attract foreign investment by creating a more business-friendly environment. This would bring in much-needed capital and help in creating jobs. Radical restructuring judicial and taxation systems is also the crying need of the hour. By taking the above-mentioned steps, Pakistan, to a large extent, can achieve economic prosperity without relying on the IMF.
—The author writes on strategic, political, economic, current affairs & sports.
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