Solutions for the problems of Entreprenurship in Pakistan

In order to counter the huge debt a “debt management committee” comprising Ministers of Commerce and Finance, Chairman Privatization Commission and Governor Sate Bank of Pakistan should be formed. This committee will develop debt retirement instruments independently having power to implement them in letter and spirit. The committee should draft two separate policies for short term and long term debts.

The difference of US Dollar and Pakistani rupee in official and open market rats should be kept minimum and confidence of the overseas Pakistanis may be restored which was shaken after freezing of foreign currency accounts in May 1998. Steps may be taken to attract investment from overseas Pakistanis and international investors.

New dams should be constructed to increase availability of water for irrigation purposes, as irrigation water has a vital importance for better agricultural production. The quantity and quality of irrigation water should be improved through desalting and other water conservation techniques.

The health facilities provided by private and autonomous hospitals are not within the reach of the poor. The government should discourage commercialization of health and ensure availability of adequate health facilities to all segments of society at reasonable rates.

In the field of education a new policy broadly aiming at increasing literacy rate by universalizing basic education, enforcing compulsory primary education encouraging private investment and increase in total expenditure on education up to 4 per cent of gross national product is required to be implemented.

Another important recommendation is regarding information technology policy. This policy mainly emphasized on human resource development and providing infrastructure, should be announced and implemented at the earliest.

So, conceived in this way, although a critical look at Pakistan’s economy, presents a gloomy picture. The above mentioned measures are hoped to stabilize the ship. Today not only the country is burdened with heavy debt, it has also reached a stage where it cannot simply move forward. Growth is stagnant. All other indicators too, look quite disappointing. Exports are not satisfactory and revenue from taxation is not sufficient. Unemployment is rapidly increasing. The overall scenario presents a dismal situation. This could be seen from the fact that many times a default situation emerged and it had to be faced by making great sacrifices of national sovereignty and in addition a further rise on the debt servicing front.