Document Type

Article

Source Publication

Criterion

Keywords

Economy, Economic Governance, Pakistan

Disciplines

Economics

Abstract

The paper s main thesis is that the difficulty Pakistan has faced in maintaining macro-economic stability, sustaining economic growth and delivering public services to the poor can be ascribed to weak economic governance and gradual decline in the capacity of key institutions. To strengthen economic governance, a non-partisan long-term strategic approach is required in which narrow political considerations are set aside and a concerted effort is made to strengthen the key institutions that form the essential core of economic governance. As the capacity of these institutions takes several decades to develop, the temptation by incoming governments to abandon or neglect institutions or policies, projects and programs inherited from the previous regime should be seriously curbed. The tendency of starting with a clean slate every time a new government is ushered into power is painful and also politically costly. It is better to build and consolidate on the previous programs and policies, fine-tune and modify them according to the changed circumstances and experiences. The gains become visible during the incumbency of the incoming government which can then claim credit for the realization of those achievements.

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