Mohammad Ali Jinnah University (MAJU) recently organized a seminar shedding light on Pakistan’s economic status and its recent agreement with the International Monetary Fund (IMF). The seminar, held at the university campus, drew attention to crucial aspects of economic stability and growth prospects for the nation.
Ahmed Siddiqui, Director at the Center for Excellence in Islamic Finance (CEIF)-IBA, emphasized the significant role of the IMF in stabilizing Pakistan’s current account. Siddiqui highlighted the option of leveraging the IMF’s Islamic financing program, pointing out the potential for Islamic institutions to lead the transformation of the economy towards Shariah-compliant mechanisms within a span of five years. He noted the increasing preference among the masses for Shariah-compliant financial products and services, indicating a promising future for the Islamic financial system in Pakistan.
Economist Muhammad Farrukh Ahmed addressed various economic challenges facing the country and proposed critical solutions involving restructuring and reforms of macroeconomic indicators. Ahmed identified agriculture and information technology (IT) as sectors with high potential for economic growth, foreign direct investment, and job creation nationwide. He advocated for the implementation of strict austerity measures to reduce expenditure on luxury imports, emphasizing the promotion of localization within the economy.
Moreover, Ahmed stressed the necessity of reforms within the tax authority to generate funds for public sector projects and to combat smuggling effectively. He also highlighted the importance of digitization in the financial sector and governance to tackle corruption.
The seminar featured distinguished speakers, including Mehmood Arshad, Chairman of the Employees Federation of Pakistan (EFP), along with MAJU faculty members Dr. Hina Fatima and Dr. Umar Rafiq. Their insights contributed to a comprehensive discussion on Pakistan’s economic trajectory and the strategies required to navigate its challenges effectively.
The event served as a platform for academia, experts, and policymakers to engage in dialogue and exchange ideas crucial for steering Pakistan towards sustainable economic development. MAJU’s initiative in hosting such seminars underscores its commitment to fostering intellectual discourse and contributing to national development agendas.
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Ayesha
That sounds intriguing! Launching a book on alternatives to the IMF is likely aimed at exploring different approaches to international finance and development. It could offer insights into how countries can manage their economic affairs independently or through alternative institutions.