&imwidth=800&imheight=600&format=webp&quality=medium "Pakistan economy hit by 'deep corruption across state institutions', requires urgent reforms, says IMF")
Pakistan is plagued with corruption due to systemic weaknesses across state institutions, which need to be addressed in order to boost its economic growth, said the International Monetary Fund (IMF), in its long-awaited Governance and Corruption Diagnostic Assessment (GCDA). IMF has called for urgent structural reform for strengthening Pakistan's economy that has been in a poor state for a long time.
The Governance and Corruption Diagnostic Assessment of IMF estimates a 5 to 6.5 per cent economic growth over five years if Pakistan begins to implement a comprehensive package of governance reforms, reported the Dawn.
“Pakistan could generate between a 5pc to 6.5pc increase in GDP by implementing a package of governance reforms over the course of five years” beginning in three to six months, it said.
The report has urged an end to preferential treatment to influential public sector entities in government contracts. It has also demanded transparency in the functioning of the Special Investment Facilitation Council (SIFC).
“A unifying theme is the emphasis on increasing transparency and accountability in policy formulation, implementation and monitoring. This involves improving access to information and strengthening the capacity of state and non-state stakeholders to participate effectively in governance and economic decision-making,” read the IMF assessment, according to Dawn.
The report spoke about Pakistan gaining substantial economic grown if the governance is improved by fixing accountability and instilling integrity based on the recommendations of the GCDA.
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It also identified the tax system of the country as a problem area for the 'poor economy'. According to Dawn the system that is overly complex and opaque has insufficient capacity, management and oversight and requires an overhaul.
The judicial sector for its organisational complexities and inefficiency to reliably enforce contracts or protect property rights was also said to be a hurdle in the growth of Pakistan's economy.
