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Inclusive growth linked to tax reforms

Inclusive growth linked to tax reforms

ISLAMABAD: Pakistan is in dire need of tax reforms and a more redistributive fiscal policy and the government should focus more on short and medium term policies apart from Vision 2025.

Addressing a special meeting of experts on “Economy of Tomorrow” Former Minister for Finance and Economic Affairs Hafiz Pasha emphasised that a top-down approach in the formulation of development policies would not yield, especially in the post-18th Amendment scenario.

The meeting was jointly organised by the Sustainable Development Policy Institute (SDPI) and Friedrich Ebert-Stiftung, Pakistan. The former Minister also observed that there was a need for strengthening the network of institutions within the South Asian region, adding that media, being an institution, should be engaged proactively to promote the discourse of inclusive growth. He stressed that the reform process should be an indigenous effort.

Speaking on the occasion, SDPI Executive Director Abid Suleri said that there had been increased willingness on the part of political parties in Pakistan to listen to and deliberate over issues of development. Deputy Executive Director Waqar Ahmed while summarizing the proceedings of the three-day meeting, said that domestic resource mobilization in Pakistan would remain a challenge, particularly in the context of social safety nets.

FES Resident Representative Marc Sexer said that economic reform and development required political will, adding that it could happen with collaboration among institutions and by establishing a platform which facilitates transition towards more inclusive economic regimes.

Philipp Kauppert, Muhammad Ziauddin and Ramgopal Agarwala also spoke on the occasion.