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| EconomyOfPakistan Home» Economic History of Pakistan » Reforms |
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Reforms in Pakistan's Economy |
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Sensible economic policies helped in the transformation of Pakistan's economic landscape. Consistency, continuity and transparency of policies enabled the country to achieve growth and development. Reforms in Pakistan's Economy included reduction in the cost of borrowing by government and investing heavily in the country's infra-structure. High growth created a surge in energy demands. Public sector organizations in hydel and nuclear electricity were increased to bridge the gap in demand and supply of electricity.
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Reforms in Pakistan's Economy saw the country entering an effective circle of investment, growth, job creation, poverty alleviation and technological advancement. The focus was mainly on agriculture, small and medium industry, oil and gas exploration, and information technology. Financial sector reforms in Pakistan's Economy were also initiated and private domestic banks were allowed to set up their shops along with the nationalized commercial banks. Professional managers and boards of directors consisting of reputable persons from the private sector to manage and oversee the nationalized commercial banks were brought in. The Central Bank was granted autonomy and the control of the Ministry of Finance over banking institutions was diluted. Excess labor was shed off through voluntary golden hand shake schemes and unprofitable branches were closed down.
The middle and lower middle class were also benefited from the Reforms in Pakistan's Economy. They got access to banking services and enjoyed car loans, mortgages, credit cards and consumer durables. Small farmers started using chemical fertilizers, certified seeds, insecticides, small implements and hiring tractor services. Small and medium entrepreneurs expanded their fabrication and manufacturing capacities.
For more information about Reforms in Pakistan's Economy, visit our website, economyofpakistan.com
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