Karachi - School of Business Studies (SBS), Institute of Business Administration (IBA), Karachi organized a panel discussion on ‘Pakistan’s Financial Turmoil Affecting Industry and Business’ featuring eminent panelists. The lecture was attended by faculty, students, media and members of public. Panelists included Executive Director, IBA Dr S Akbar Zaidi; former Finance Minister Dr Miftah Ismail, Professor Emeritus & Chairman CEIF, IBA & former Advisor to the Prime Minister on Institutional reforms and Austerity Dr. Ishrat Husain; and CEO InfraZamin Pakistan Ms Maheen rahman. Session was moderated by Assistant Professor and Director CED, IBA Dr Lalarukh Ejaz.
The session commenced with Dr Ejaz introducing the distinguished panelists and was carried forward by Dr Abdullah Zafar Sheikh, Professor and Dean School of Business Studies (SBS). Dr Sheikh said a few words on Pakistan’s current economic scenario and the gravity of the situation. Addressing the pertinent topic, Dr Zaidi said, “Financial turmoil has created a sense of an overall turmoil.
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There is an uncertainty about what will happen tomorrow. Decisions concerning imports, exports and investments are all in a limbo. Usually, countries supported through International Monetary Fund (IMF) programs do not default. Having said that, I do not think Pakistan will default but yes as far as businessmen and policy makers are concerned, all are uncertain about the future.” Dr. Ismail said that there is security in being on an IMF program and therefore Pakistan should collaborate with IMF. He said, “Instead of depreciating the value of the dollar against the rupee, there is a need to increase exports. Also, we should work towards making the economy stronger so that foreign investments trickle in.” Dr. Ismail mentioned the uncertainty of Pakistan’s economy and focused on growth learning. He expressed hope for a great future and narrated examples of Bangladesh and Sri Lanka’s economic crises and their efforts to diminish it. Dr. Husain opined that Pakistan’s financial woes are not recent and they reflect the cumulative wrong decisions made in the past.
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He said, “To counter these problems, we need to invest in basic industries catering to our consumers’ needs. We need to support manufacturing industries and private industries to stabilize economy. We are also not utilizing our agricultural sector although we are an agrarian country”.