A consistent and well-thought-out strategy concentrating on both short- and long-term plans is required to overcome the difficulties ahead, according to economists. In order to guide the nation out of catastrophe and pave the road for a robust and sustainable economy, they want agreement on economic principles and policies as well as an economic charter.

Dr. Hafeez Pasha, a former finance minister, said the present economic situation was critical, especially in light of the significant losses brought on by the disastrous flood. In light of the present hard scenario, he declared, "It is necessary to create a single plan of action on the economy with united efforts." He said that if we didn't pay attention to the economic problems, we would have greater problems in the coming days.

The adoption of the IMF package under the EFF, according to another economic expert, will boost the country's external sector and contribute to economic growth. He said that acceptance of the lending facility revived prospects of economic survival in light of the recent floods, which caused an estimated $30 billion in losses to the national economy. According to the expert at the Finance Ministry, "Agreement with the board has brought alternative bilateral and multilateral finance possibilities for Pakistan, which is in critical need to cope with the current economic scenario amid flood devastation."

Shakeel Munir, president of the Islamabad Chamber of Commerce and Industry (ICCI), stated that it is past time for the political and economic elites in the nation to collaborate in order to improve the national economy, which is beset by a number of problems including trade deficit, price increases, and poverty alleviation. Speaking to WealthPK, he said that people were already living in appalling conditions before this catastrophe happened as a result of growing global oil prices, the crisis in the Ukraine, and a rise in the cost of food and other items.

They now require a break to survive because this has made their challenges even worse. Munir said owing to huge losses to crops and livestock, prices of household items would continue to haunt the consumers and it was imperative to devise a proper pricing mechanism to lower the burden on people, especially the poor and lower middle class. Chairman of the Islamabad branch of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Qurban Ali also stressed the importance of looking beyond politics at this time. "In my opinion, we urgently need a unified strategy. “To address the significant issues the nation is experiencing, I endorse the notion of the Charter of Economy,” he said.

Dr. Sajid Amin, the deputy executive director of the Sustainable Development Policy Institute (SDPI), stated that the government had made difficult decisions to stabilise the economy, even if they had a negative impact on the average person. "People often have to endure troubles in the present for ultimate rewards in the future," he remarked while urging the government to lessen the challenges of the impoverished through a social safety programme.

Credit: Independent News Pakistan-WealthPk