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Economic stability linked with reforms to reduce rich-poor gulf: President Alvi

Economic stability linked with reforms to reduce rich-poor gulf: President Alvi

ISLAMABAD: President Dr Arif Alvi on Tuesday said Pakistan can attain economic stability through reforms, focusing on tax culture, ending corruption and austerity measure to ultimately reduce the widening gulf between rich and poor.

Addressing at a seminar on ‘Pakistan Economic Insight: A way forward’ here at National University of Science and Technology (NUST), he said financial stability of the country must be in a manner to improve economic conditions of common man.

The President said the government’s insistence on financial documentation, tax collection and austerity measures, was justified and also in the best interest of nation.

He regretted that fifty percent of world’s wealth was in hands of 100 billionaires, which showed the sorry state of unjust distribution of money, owing to global capitalism.

He called for ensuring equality among people and providing them employment opportunities for better economic conditions.

Dr Alvi said cutting down import of luxury items and checking circulation of black money in market, could also prove helpful in gaining economic stability.

He said corruption was a major factor that discouraged foreign investors, who feared insecurity of their capital.

He expressed satisfaction that World Bank would assist Pakistan under an agreement this year to improve its ranking of ease-of-doing-business, which was a big factor of attracting foreign investment.

To eliminate poverty, the president said there was a need to uplift people through literacy as 200 million remained out of education network in the country. Also, he said provision of good health facilities was important to avoid malnutrition, resulting in stunted growth.

The president said trade within South Asia had the prospects of prosperity for all member countries and mentioned Prime Minister Imran Khan’s efforts, soon after assuming office, for strengthening relations with neighbouring India in all spheres.

On trade with India, the President said to handle ‘political baggage’ was a real issue, adding that mistrust and also ups and downs in bilateral relations impacted business ties.

He said India denied President Donald Trump’s statement about Indian prime minister, seeking his mediation on Kashmir dispute, adding mutual issues were to be dealt bilaterally under Simla Accords.