ISLAMABAD: A former chairman of board of Investment (BoI) and member of Imran Khan’s cabinet said on On Monday, Saudi Crown Prince Mohammed bin Salman, commonly known as MbS, wanted invest 20 billion dollars in Pakistan with condition that the investment should be isolated from the political and bureaucratic elite.
Haroon Sharif also claimed that during their meeting in 2019, MbS took him aside and said the saudi government allocated $20 billion in investment in Pakistan, but “if you don’t isolate it from politics and there will be no bureaucracy,” he quoted the words of the crown prince.
Mr Harun, who served as chairman of BoI during PTI government, made these remarks during a speech at the Grand National Dialogue on “The opening of the economic Potential’ organized by the Islamabad Institute of Political Studies.
During his visit in In 2019, MbS pledged $20 billion. worth of investments in Pakistan to assist the latter struggling economy. According to the plan, the Kingdom intended set up infrastructure, including an oil refinery. However, these investments have yet to materialize.
Former BoI Chairman Claims Saudi Crown Prince Shows Interest in investment during the visit 2019
Mr Sharif eloquently made matter of what was necessary for “rise from the ashes,” and noted that the economy grew when the ratio of investment to GDP rose, which, according to him, was not. in a business of Pakistan. He said future of world finances were in Asia, not Europe, mentioning sovereign funds of Qatar, UAE, Kazakhstan and China worth hundreds of billions of dollars and said that they should be used.
Speaking on occasion, federal minister for Planning and development and special initiatives Ahsan Iqbal said Pakistan needs a long-term stable policy plan of action, one what should not be interrupted for political reasons. He said that no investment should be sought “until we put in our house in order that requires sequential policy with the support of all stakeholders.”
He expressed regret that the China-Pakistan Economic Corridor failed off in Pakistan to this day ostensibly due to political instability, poor rule of law and a lack of trust. of sorts between various pillars of power.
minister noted that in fiscal year 2022-23 budget was nightmare and there were practically no funds for transportation out in business of state and also development. He added that borrowing was necessary to meet daily expenses, which was detrimental progress.
He pointed out that Pakistan’s foreign direct investment was barely $1.5 billion while the cash treasure floating around in Asian markets require a competitive economy.
Mr. Iqbal noted that Pakistan has fallen behind in progress over in last 25 years old and was need for “Some deep introspection for this is failure”. He named for a national consensus on in the economy and invited stakeholders from all over board huddle together for the rescue out and rebuilding the sovereign economic building.
Center for This was stated by the director of research in the field of aerospace and security, Dr. Usman Chohan. with 10 percent tax fees, financial stability will always be remain a challenge for Pakistan.
Maha Rehman of Lahore University of Management sciences (Lums) believed that the deeper issue it was about equalizing human capital incentives and protection from extractive elements seeking rent. Pakistan stopped having one of in highest GDP per capita in South Asia at the bottom of Table in four decades.
Lums Associate Professor Dr. Ikramul Haq spoke about the test and error story of taxation system in Pakistan. SDPI Executive Director Dr. Abid Suleri called for formation of Economic Security Council.
Published in Dawn, June 21, 2022
