Former finance minister Miftah Ismail has stressed the need for changing the stance of Pakistan’s economy in order to come at par with the pace of the world and invest in the country’s people.

“If a foreign owned company has to appoint its four directors here so they have to take permission, rout from the Board of Investment, from IB, MI, and ISI. It is not easy,” he said during a panel discussion titled ‘Pakistan’s Economy: Depth and Resilience’ on the final day of the 14th Karachi Literature Festival held at Karachi’s Beach Luxury Hotel.

The panel also featured Habib Bank Limited (HBL) CEO Muhammad Aurangzeb, Institute of Business Administration (IBA) Karachi Executive Director Akbar Zaidi and Board of Investment Chairman Azfar Ahsan. The session was moderated by Samiullah Siddiqui.

Miftah was responding to a query about whether it was time to change the view that the country’s economy would improve from the defence expenditure.

“We make these things very difficult. I know there some people who came here to meet [the-then PM] Nawaz Sharif in 2015-16 and they were sent back from the airport back to Qatar as they were not given visas in Pakistan whereas it was a visa on arrival. We fought for giving arrival visas to 64 friendly countries when Shahid Khaqan was the PM. They were not given. Pakistan makes it very difficult,” Miftah added.

He claimed that the ISI did not give a single NOC for gas exploration during Nawaz Sharif’s tenure as premier from 2013-2018, leaving all foreign countries to avoid Pakistan for the said purpose.

Stressing the need for changing the stance, the former finance minister added that a strong economy helps the country in its decision on the international stage.

He went on to add that some of the army men, who he knows, also agreed with his suggestion to change the stance. “We have to stop this national security stance as this is not benefitting. Stop worrying about these strategic depth and all of that stuff. Resolve the matters here. We cannot resolve Afghanistan issues. We are not able to resolve Pakistan’s issues,” he said, adding that the country was not able to educate children here.

“We should leave them… whatever is happening in Jalalabad. Allah unko Mubarak karey. Let’s not worry about that,” he added.

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