Karachi, During the 16th World Urdu Conference organized by the Arts Council of Pakistan, Karachi, Federal Minister of Privatization Fawad Hassan Fawad addressed the critical topic of “Economy Quagmire: The Way Out.” He emphasized the urgent need for Pakistan to focus on economic growth and reforms to overcome its current financial challenges.

According to Arts Council Karachi, Fawad expressed concern about the impact of real estate and feudal interests in the assembly and their influence on Pakistan’s economic situation. He underscored that the upcoming elections are crucial for the country’s future, warning that if these interests continue to dominate, escaping the economic quagmire will be difficult. He stressed the importance of having an economic manifesto for political parties, lamenting that most major parties lack such a vision.

Fawad discussed the local government system under Pervez Musharraf and the changes brought about by the 18th amendment, which he believed hindered development. He pointed out the obstacles posed by a three percent population increase and the need for substantial reforms, particularly in the taxation system. Drawing comparisons with China’s economic journey, he advocated for a focus on agricultural development.

Also addressing the conference were Zafar Masood, President of the Bank of Punjab, and economic analyst and writer Kazim Saeed. Masood highlighted the need to acknowledge and plan a way out of the economic stagnation, while Saeed spoke on economic development and poverty eradication being linked to growth rate.

The session was part of the four-day World Urdu Conference, which brought together intellectuals and experts to discuss various important topics. The emphasis on economic issues reflects the broader concerns about Pakistan’s financial stability and the need for strategic planning and action.