Second-Generation Reforms in Pakistan Require a Strong Political Will

Being the architect of economic reforms in progress for the last five years, Mr. Shaukat Aziz has had the responsibility to bail the economy out of crisis resulting from the devastating earthquake of October 8. Though the international financial institutions had been forecasting that the economic growth rate of Pakistan will not be affected, the pledges through the recent Donors’ Conference have really proved reassuring for him. 

Pakistan has been lucky enough to find favours in the eyes of the international community regarding the rehabilitation of quake victims. It got more than its expectations. The entire cost of reconstruction, assessed by the government itself, is going to be paid by external resources. The premier has thanked the international community for its generosity and assured it of transparent utilisation of the funds. The country doesn't need to delay the development projects underway in other parts of the country; the economic growth may sustain itself somewhere between 6-8 per cent. 

For the last five years, not only have the economic indicators of the country improved, but also a serious effort has been made to retire foreign debts. The economy hit a record GDP growth rate of 8 per cent whereas foreign debt has reduced by $4 billion. The deregulation and privatisation drive accumulated huge funds, providing breathing space to the local and foreign business community.