KARACHI: The country needs a charter of economy to ensure policy consistency and build upon the macroeconomic stabilisation, Special Assistant to Prime Minister on Revenue Haroon Akhtar said on Friday.

In a meeting with members of the Federation of Pakistan Chambers of Commerce and Industry, he said Pakistan needed a minimum annual growth rate of seven to 10 per cent for which the government and the opposition need to strike a consensus on minimum economic programme.

“Politicising economic matters and media bashing scared foreign investors away depriving the country of much-needed foreign direct investment”, he warned. He reminded the business community’s that the government has significantly improved law and order situation in Karachi that has rekindled hope of economic revival.

Mr Akhtar said the country has come a long way to achieve macroeconomic stability, with reduced fiscal deficit, high foreign exchange reserves and the key interest rate at a low of 5.75pc.

Global institutions like the Asian Development Bank, World Bank, International Monetary Fund and credit rating agencies have improved Pakistan’s rating and financial institutions were now ready to dole out funds at lower mark-up of 2pc for a long-term period of up to 25 years.

He hoped there would be no load shedding by the next year because of the government’s focus on energy.

He said no water reservoirs or dams were built after 1970, however, the current government was working on a number of projects in this regard.

On the performance of the Federal Board of Revenue (FBR), Mr Akhtar admitted to corruption at lower level but hammered the issue of tax evasion. “The business community should understand its responsibility as the government was not in favour of taking coercive measures”, he added.He assured that the government would take all the stakeholders on board in the budget-making process and invited all trade bodies to give suggestions.

On a question about the privatisation of Pakistan International Airlines and Pakistan Steel Mills, Mr Akhtar said the process had been blocked by the opposition.

Published in Dawn, February 11th, 2017