Pakistan is confronted with a looming default-like crisis, necessitating $120 billion in external financing over the next five years. The Pakistan Institute of Development Economics (PIDE) outlined this urgent need in its strategy, “ISLAAH: Immediate Reform Agenda – IMF and Beyond.”
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According to PIDE Vice Chancellor Dr. Nadeemul Haque, addressing Pakistan’s economic challenges requires a comprehensive approach. The strategy emphasizes regulatory modernization, tax reform, market liberalization, and improvements in the energy, agriculture, and banking sectors.
A key element of the reform agenda is the introduction of a ‘Regulatory Guillotine’ to eliminate hindrances to business growth and innovation. The strategy also advocates for a shift from a permission-based system to clear rules, digitization, and market liberalization to streamline bureaucratic processes.
To enhance revenue streams, the strategy suggests a uniform tax rate across all income sources, along with reforms in corporate and sales taxes. It also prioritizes promoting exports, creating an investment-friendly environment, and revitalizing the real estate sector to unlock significant revenue gains and attract investment.
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Highlighting challenges in the power sector and real estate market, the report underscores the potential for reform in these areas to stimulate economic growth. Overhauling the real estate sector alone could unlock billions in investment, create thousands of jobs, and generate substantial rental income.
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