Govt urged to undertake concrete measures to stabilize economy

According to DFID’s chief economist, the execution of economic reforms remains a key challenge for the recently elected government

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ISLAMABAD: The Department for International Development (DFID) Chief Economist Rachel Glennerster has called the government to undertake concrete measures to stabilize the economy.

Ms Glennerster said concentrating upon too many areas could create difficulties for the government in executing structural reforms, reports an English daily.

She said this while having a brief interaction with economic journalists on Tuesday.

According to DFID’s chief economist, the execution of economic reforms remains a key challenge for the recently elected government.

She stated the major challenge for the government currently is to deliberate where it wants to prioritize reforms and move from plans to exhaustive measures and initiate their implementation.

While talking about long-term economic growth prospects or if the country was considering going for an International Monetary Fund (IMF) bailout, the key element was to have its own programme in place.

Ms Glennerster advocated that the government required to prioritize its to-do list and concentrate on “doable out of this very long list of things that could help improve economic improvement.

Furthermore, she contended the government was aware of what was required to be done, however, the question now remains of taking tough decisions, initiating the prioritization forth and executing them.

DFID chief economist stated economic reforms were fruitful when they were fueled by the government which saw the advantages of initiating them and also had a strategy to explain benefits to the people.

She reiterated that there may be short-term pain, however, there are benefits of long-term reforms.