ISLAMABAD: The 60 years of Pakistan's history has proved that financial decision-making was more easy and remained fruitful during a dictatorial rule, says Prime Minister’s Advisor on Finance Dr Salman Shah.

"Our GDP in the 60s was very good and it remained good for another period in between and then today you find the difference under the leadership of President Gen Pervez Musharraf and Prime Minister Shaukat Aziz," he maintained.

In an interview with Dawn, Dr Salman Shah said it was not Pakistan, but many other countries, including Singapore, Malaysia, China, Taiwan and the UAE who flourished economically during a period when they were ruled by a group of men or by one person. "This is how their financial system became so strong and is now providing huge benefits to their people," he added.

He said there was no doubt that economic conditions improved in the western democracies over the years, but many other countries, having autocratic rules, also succeeded in significantly improving their financial and economic systems.

He said financial allocation and their viability along with market-driven investment and financial system is ensured in an authoritarian rule of any country.

"There requires good rules of business to strengthen any economy and this job was done in a much batter manner in Pakistan during President Musharraf's rule," he said, adding that he was not against democracy or any political system but was talking keeping in view the ground realities.

These realities, he said, have made many countries to become economically and financially independent, strong and assured improvement in the life of a common man.

"Look at Pakistan's middle class and lower middle class and even the poor classes who have flourished, particularly during the last eight years," the prime minister's advisor on finance claimed.

He said real conducive business environment was provided to the private sector during 60s and then specially during President Musharraf period.

"Pakistan's economy today is more stable than any previous period," he said.

Dr Shah was asked whether this government's period of boom, disparity has risen and whether he believes that elite supports the present government because its policies favoured this elite disproportionately.

"This disparity exists in India and many other countries. But I can tell you without the fear of any contradiction that all segments of the society were benefited by the fruits of the improved economy in our part of the world," the prime minister's advisor on finance replied.

He said Pakistan's print and electronic media were projecting the good image of the country's economy and the overall economic performance of the government.

"There are an all time high over $16 billion foreign exchange reserves today and $8.4 billion investment. Then the unemployment rate came down from 8.3 per cent to 5.3 per cent during the last five year period and Pakistan's credit rating improved by the international credit rating agencies by 3/4 times during this period.

“Also there was an average seven per cent plus GDP growth rate and all this happened during President Musharraf and Prime Minister Shaukat Aziz's government," Dr Salman shah asserted.

Responding to a question, he said the ruling Pakistan Muslim League's performance was far better than previous two governments of PML (N) and Ms Benazir Bhutto's PPP.

He said PML (Q) government provided a level-playing field to all investors under the worthy leadership of the president and the prime minister. Good corporate governance, he said, was shown by the private sector for the first time under Musharraf's rule during which confidence of both the local and foreign investors increased manifold.

"That is why they are investing in this country despite having many other problems."

To another question, he said political parties have been getting financial support from the private sector, especially at the time of election. The issue, he said, was important and needed to be brought under any legal framework so that those parties which get such assistance could be monitored. However, he said this was an issue which is to be decided by the Election Commission of Pakistan.

When asked who in his view enjoyed the greatest trust of the corporate Pakistan amongst major political parties, he said, obviously this was the ruling PML (Q) who was enjoying such a support.

"You go and ask the corporate sector people and they would tell you that the kind of independence and good business opportunities they are getting today, this is just because of the right policies being pursued by the PML (Q) government.