Miftah says Pakistan's current system hinders progress, calls for reforms
He highlighted high inflation, rising unemployment, heavy taxation, and costly energy as major obstacles to growth and public welfare, urging immediate action to restore stability and competitiveness.
Dr. Ismail was the Chief Guest and Keynote Speaker at the Institute of Cost and Management Accountants of Pakistan (ICMA) Thought Leadership Lecture Series, held at the ICMA Head Office in Karachi. The session also featured the launch of 'Pakistan's Cement Sector: Growth, Performance and Company-to-Company Analysis 2018–2024', authored by Muhammad Bashir Khan, FCMA, who also presented a brief overview of the book.
In his address, Dr. Ismail outlined Pakistan's economic challenges. He noted that per capita GDP lags behind regional peers, fiscal deficits are widening, and public welfare is eroding. He stressed that while the effective tax rate approaches 40%, Pakistan lacks comparable welfare services. Energy costs further disadvantage domestic industry, as electricity production is nearly 20% cheaper in Bangladesh.
He also highlighted weaknesses in law and order, pointing out that bureaucratic delays and costs in filing FIRs erode trust in the justice system. The education crisis, he said, is Pakistan's most alarming challenge: nearly 40% of children aged 5–16—about 400,000 in Punjab and 1.7 million in Sindh—are out of school, while literacy rates in KP are declining.
He warned that while other countries prepare students for STEM and AI-driven education, Pakistan struggles to provide even basic literacy and numeracy. Inadequate healthcare infrastructure further undermines productivity and long-term growth.
Calling for reforms, Miftah emphasized a comprehensive overhaul of Pakistan's current system. He suggested revising the NFC Award, strengthening local governance, considering new provinces, eliminating distortionary taxes such as the Workers' Welfare Fund, rationalizing energy tariffs, encouraging selective privatization, expanding property taxation, and mobilizing domestic resources. He also stressed investment in public transport, renewable energy, and underutilized sectors such as the aqua economy, while prioritizing education and skills development.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 days ago
- Business Recorder
Miftah says Pakistan's current system hinders progress, calls for reforms
KARACHI: Former federal finance minister Dr Miftah Ismail called for bold reforms to benefit people and businesses, warning that Pakistan's current system is holding back progress. He highlighted high inflation, rising unemployment, heavy taxation, and costly energy as major obstacles to growth and public welfare, urging immediate action to restore stability and competitiveness. Dr. Ismail was the Chief Guest and Keynote Speaker at the Institute of Cost and Management Accountants of Pakistan (ICMA) Thought Leadership Lecture Series, held at the ICMA Head Office in Karachi. The session also featured the launch of 'Pakistan's Cement Sector: Growth, Performance and Company-to-Company Analysis 2018–2024', authored by Muhammad Bashir Khan, FCMA, who also presented a brief overview of the book. In his address, Dr. Ismail outlined Pakistan's economic challenges. He noted that per capita GDP lags behind regional peers, fiscal deficits are widening, and public welfare is eroding. He stressed that while the effective tax rate approaches 40%, Pakistan lacks comparable welfare services. Energy costs further disadvantage domestic industry, as electricity production is nearly 20% cheaper in Bangladesh. He also highlighted weaknesses in law and order, pointing out that bureaucratic delays and costs in filing FIRs erode trust in the justice system. The education crisis, he said, is Pakistan's most alarming challenge: nearly 40% of children aged 5–16—about 400,000 in Punjab and 1.7 million in Sindh—are out of school, while literacy rates in KP are declining. He warned that while other countries prepare students for STEM and AI-driven education, Pakistan struggles to provide even basic literacy and numeracy. Inadequate healthcare infrastructure further undermines productivity and long-term growth. Calling for reforms, Miftah emphasized a comprehensive overhaul of Pakistan's current system. He suggested revising the NFC Award, strengthening local governance, considering new provinces, eliminating distortionary taxes such as the Workers' Welfare Fund, rationalizing energy tariffs, encouraging selective privatization, expanding property taxation, and mobilizing domestic resources. He also stressed investment in public transport, renewable energy, and underutilized sectors such as the aqua economy, while prioritizing education and skills development. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Express Tribune
Miftah urges reforms to benefit people
Former federal finance minister Dr Miftah Ismail has called for undertaking bold reforms to benefit people and businesses and warned that Pakistan's current system is holding back progress. He highlighted high inflation, rising unemployment, heavy taxation and costly energy as major obstacles to growth and public welfare, urging immediate action to restore stability and competitiveness. He was speaking at the Institute of Cost and Management Accountants of Pakistan (ICMA) Thought Leadership Lecture Series. The session also featured the launch of a report titled "Pakistan's Cement Sector: Growth, Performance and Company-to-Company Analysis 2018-2024". Outlining Pakistan's economic challenges, Miftah Ismail noted that per capita GDP lags behind regional peers, fiscal deficit is widening and public welfare is eroding. He stressed that while the effective tax rate approaches 40%, Pakistan lacks comparable welfare services. Energy costs further disadvantage the domestic industry as electricity production is nearly 20% cheaper in Bangladesh. He also highlighted weaknesses in law and order and pointed out that bureaucratic delays and costs of filing FIRs erode trust in the justice system. The education crisis, he said, is Pakistan's most alarming challenge as nearly 40% of children aged 5-16 – about 400,000 in Punjab and 1.7 million in Sindh – are out of school, while literacy rates in K-P are declining.
Business Recorder
3 days ago
- Business Recorder
KP and Balochistan: ANP underscores need for ending army operations
ISLAMABAD: The Awami National Party (ANP) has issued a joint declaration at its All Parties' Conference (APC), calling for an immediate end to military operations in Khyber Pakhtunkhwa (KP) and Balochistan, recovery of missing persons, a Truth Commission to probe losses, and full implementation of the 18th Amendment. The ANP, on Sunday, released a joint declaration following its APC, condemning terrorism, extremism, and lawlessness while blaming flawed government policies for the crises. Pakistan Muslim League-Nawaz (PML-N) Senator Irfan Siddiqui, Federal Minister Tariq Fazal Chaudhry, and PPP's Nayyar Bukhari did not sign the declaration of the APC. Senator Siddiqui said, 'These are your demands and your stance, not ours.' As the declaration was being read, all three leaders walked out of the meeting. The joint declaration of the APC strongly condemned terrorism, extremism, and lawlessness in all forms, describing them as the outcome of flawed government policies. It emphasised the need for comprehensive measures to address these issues and called for an immediate halt to all ongoing operations in Khyber Pakhtunkhwa and Balochistan. The APC demanded the establishment of a judiciary-supervised 'Truth Commission' to conduct impartial investigations into human and financial losses. It further called for the immediate disbanding of so-called death squads and illegal armed groups, along with ensuring the protection of citizens' lives and property. The declaration also urged full implementation of the 18th Constitutional Amendment and the NFC Award in letter and spirit, recognition of provincial rights over minerals and resources, cancellation of illegal land allotments and transfers in Balochistan and Khyber Pakhtunkhwa, and acknowledgment of the historic land rights of tribal communities. Rejecting the proposal to merge the Levies Force into the police in Balochistan, the APC demanded that the force be modernised instead. It also called for devolving powers in the merged districts to the civil administration, abolishing laws such as Action in Aid of Civil Power, recovering all missing persons and producing them before courts, releasing political prisoners, and ensuring a free environment for political activities. The APC further demanded the immediate lifting of travel restrictions on Sardar Akhtar Jan Mengal, the repeal of unfair laws such as the MPO, Fourth Schedule, and PECA Act, and an end to restrictions on free media and journalism. The conference condemned the failure to arrest the killers of Maulana Khan Zaib, Mufti Munir Shakir, and other victims, demanding the formation of a judicial commission to investigate the assassination of Maulana Khan Zaib. The APC also stressed that Pakistan should refrain from becoming involved in foreign wars and maintain neutrality in the conflicts of global powers. It called for the reopening of Pakistan's historic trade routes, bringing cross-border trade under provincial jurisdiction, and the urgent rehabilitation of areas affected by terrorism and military operations. It also urged the repatriation of IDPs along with compensation, employment, and business opportunities. The declaration further demanded that flood-affected districts of Khyber Pakhtunkhwa be declared disaster-hit with the announcement of an emergency relief package, and that Rescue 1122 vehicles under the control of the federal and Punjab governments be handed over to the Khyber Pakhtunkhwa government. Copyright Business Recorder, 2025
