Rulers devise plan to revive ailing economy

Plagued by economic challenges amid an ‘inordinate’ delay in the revival of the International Monetary Fund (IMF) programme, civilian and military leaders on Tuesday devised an ‘economic revival plan’ to capitalise on “untapped potential in key sectors” and attract foreign direct investments. A statement issued by the PM Office said the meeting was chaired by PM She­h­baz Sharif and participants included chief ministers, federal and provincial ministers, and the army chief, among others. The plan envisages making the most of “untapped potential in key sectors of defence production, agricultural/livestock, minerals/mining, IT, and energy, through indigenous development as well as investments from friendly countries”. To fast-track the development of projects, the establishment of a Special Inve­s­t­ment Facilitation Council (SIFC) has been undertaken to act as a ‘single window’ interface for potential investors. The setup will shorten cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with the representation of all stakeholders. It is aimed at creating horizontal-vertical synergy between federation and provinces, facilitating timely decision-making, avoiding duplication of effort, and ensuring swift implementation.