ISLAMABAD: The government should make efforts to minimise its reliance on debt by increasing exports, reducing imports and increasing revenue collection, said economists at a conference on Saturday.

The day-long ‘National Debt Conference’, organised by PRIME Institute, was aimed at increasing awareness about debt structure, sustainability and management for intelligentsia, policymakers, debt managers and business community.

Speaking on the occasion, Dr Hafeez A. Pasha stressed the need for enhancing domestic exports by 20 per cent by 2018-19 to bring down the current account deficit.

He said that Chinese investment inflow of about $46 billion under the China-Pakistan Economic Corridor (CPEC) would increase the debt burden in local economy. However, investment in energy generation and LNG projects should be used as a multiplier for national economy.

He said that investment in mega energy generation projects would help overcome the energy shortages that would also help rapid industrialisation and job creation in the country.

The current programme with the IMF would come to an end by next September, he said, adding that by prioritising the exports, enhancing tax-to-GDP ratio and curtailing the non-developmental expenses, Pakistan could avoid another programme.

Dr Pasha asked the government to make a new medium-term growth strategy after initiation of CPEC project for next five years as well as to meet the foreign and domestic debt challenges.

Speaking on the occasion, Dr Kaiser Bengali asked for using local coal reserves in power generation to reduce burden on forex reserves, besides making measures to boost exports of coal from Thar.

He stressed the need for upgrading the transmission and distribution lines besides installing the power generation plants and making appropriate measures to increase recovery of electricity bills to reduce circular debt.

Published in Dawn, December 13th, 2015