Political Instability Badly Damages Economy: PM’s Adviser

Adviser to the Prime Minister on Finance Dr. Waqar Masood Khan on Monday said political instability badly damages the economy but expressed optimism over Pakistan’s current trajectory towards improvement. Sharing economic insights at the launch event of Dr. Ishrat Hussain’s book, ‘Development Pathways: India, Pakistan, Bangladesh 1947-2022’ in Islamabad, Khan underscored the importance of strengthening regulatory bodies and institutions such as the State Bank of Pakistan, Oil & Gas Regulatory Authority, National Electric Power Regulatory Authority, Securities and Exchange Commission of Pakistan, and Pakistan Telecommunication Authority. He also praised Pakistan’s strides in the IT sector, drawing parallels with India’s advancements in the field. He remarked that the country is currently heading in the right direction, signaling a positive outlook for Pakistan’s economic and social development. Meanwhile, Dr. Ishrat Hussain stressed the necessity of implementing reforms for national development, emphasizing that the style of government is secondary to the overarching goal of national progress. He cautioned against excessive reliance on foreign aid, noting that the government currently requires loans even for defense and salary purposes. Addressing governance issues prevalent in Pakistan, India, and Bangladesh, he urged to focus on increasing exports and enhancing governance structures.