July 17, 2023 (MLN): There is a need for a new paradigm in USA-Pakistan relations, as India's growing divergence from the United States should create an opportunity for Pakistan to build stronger ties with the US, Syed Shabbar Zaidi stated while delivering a seminar on the Pakistan Economy Federal Budget 2023-2024 on July 14, 2023.
Additionally, he stressed the importance of transparency in the China-Pakistan Economic Corridor (CPEC), clarifying that it should be viewed as a government-to-government (G2G) initiative rather than a business-to-business (B2B) solution.
Zaidi proposed a U-turn on the strategic location advantage, suggesting that Pakistan's geographical position should be leveraged as an asset for providing energy to countries on its eastern side, such as India, China, Bangladesh, Myanmar, and Vietnam.
This could be achieved through initiatives like the TAPI and IPI energy pipelines.
He emphasized on introducing better policy decisions on smuggling from Afghanistan and Iran.
On the administrative front, Zaidi proposed the creation of new provinces in Pakistan based on ethnic divisions, citing examples from around the world such as India, Germany, the UK, and Iran.
He suggested the formation of provinces like Tribal Areas KPK, Hazara, Pakhtun Balochistan, Sindh Karachi, Potohar, Central Punjab, and South Punjab-Wasaib.
Furthermore, he recommended dividing Pakistan into two economic zones: South and North, with Karachi and Lahore as their respective centers. Zaidi advocated for relocating departments such as Taxation, Corporate Law, Customs, and Energy from Islamabad to these centers.
In terms of economic policy, Zaidi called for the correct implementation of the National Finance Commission Award and the enforcement of Article 140A of the Constitution on Local Government.
He proposed that the Finance Bill should go through the Senate, and economic policies should be formulated by economists rather than politicians.
Zaidi suggested an empowered 'Planning Commission' with a non-political Chairman serving a five-year term, extendable for another five years.
He highlighted the importance of avoiding annual changes in economic and fiscal policies to prevent wastage of time and energy.
Zaidi recommended several other actions to improve Pakistan's economic situation. These included transparent disposal of unutilized government land and the settlement of debts through a Land Bank system.
Additionally, he proposed the closure of the Privatization Commission and Ministry of Privatization, replacing them with a National Commission comprising the Prime Minister, Opposition Leader, Army Chief, Chairman of the National Accountability Bureau (NAB), and Chief Justice of Pakistan.
Zaidi suggested reducing the size of the Federal Board of Revenue (FBR) from 23,000 to 5,000 personnel, separating Customs from the FBR, and expanding the Pakistan Revenue Automation Limited (PRAL).
He recommended implementing a system where the Computerized National Identity Card (CNIC) is required for purchases and implementing track and trace mechanisms in all manufacturing units.
Additionally, he proposed closing exchange companies and allowing banks to handle their functions, as well as opening up gold imports.
Concluding Remarks
Zaidi acknowledged the resistance to change from political parties and the establishment but emphasized that economic considerations must take precedence.
He warned that relying solely on external aid, such as checks from Washington, would not be enough to secure Pakistan's future.
He urged a realistic, rational, and constructive approach, emphasizing that the experiment of a separate state for Muslims in 1947 has not yielded the desired results.
He urged Pakistanis to work together for the betterment of their people and overcome economic deprivation, highlighting the need to adapt or risk failure.
Syed Mohammad Shabbar Zaidi is a Pakistani chartered accountant who served as the 26th Chairman of the Federal Board of Revenue from May 2019 till April 2020.
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Posted on:2023-07-17T16:07:46+05:00
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