Karachi, February – A high-level panel of Pakistan’s leading economists, policymakers, and business leaders convened at the 17th Karachi Literature Festival (KLF) to discuss ‘Fixing the Fundamentals: Pakistan’s Economic Reset’ at the Main Garden, Beach Luxury Hotel, on Saturday. The distinguished panel featured Muhammad Ali, Adviser to the Prime Minister on Privatisation; Asad Umar, Former Minister for Finance, Planning & Reforms; Miftah Ismail, Former Minister for Finance & Revenue; Ishrat Husain, Economist, Author and former Governor State Bank of Pakistan; and Zeelaf Munir, Chairperson of the Pakistan Business Council.
The session was moderated by Muhammad Azfar Ahsan, Former Minister for Investment.
The discussion focused on macroeconomic fundamentals, fiscal discipline, privatization, investment climate reforms, and the critical role of institutional credibility in economic recovery.
Speaking at session, Privatisation Minister Muhammad Ali said “Economic issues will not get resolved on tactical level. We have to start from structural level solve the problem. We need to fix the economic documentation system to fix the taxation problem. We have to reduce the government footprint, grow exports, integrate women in the workforce, reduce the sizes of provinces and empower local governments.”
Former Finance Minister Asad Umar emphasized “Change of economic and industrial structure is essential to reset economy. We are not producing what the world demands currently and that needs to change. More important than privatization is reducing the heavy footprint of government. Healthy & fair competition is significant to growth. You cannot run a country in twenty-first century without an effective democratic system.”
Former Finance Minister Miftah Ismail was of the opinion “Environment of growth is very important to grow. Not until we eradicate terrorism completely, we will not move forward.”
Former SBP Governor Dr. Ishrat Husain highlighted “We have become too much dependent on raw materials & imported goods. You have to invest in steel, petrochemicals, pharmaceuticals, lithium batteries. Switch to services sectors more than goods.”
PBC Chairperson Zeelaf Munir said “KLF is a space to speak more honestly. Trust, transparency and open debate is to be implemented. Fixing the fundamentals is about accountability.”
Earlier in his remarks, Azfar Ahsan said “As a nation, we need to be honest with ourselves. We need to have a long-term economic policy. With a country like ours, you cannot manage with adhocism.”
Panelists offered candid assessments of Pakistan’s recurring economic challenges and emphasized the urgency of consensus-driven reforms, export-led growth, improved governance of state-owned enterprises, and sustained policy continuity. The discussion underscored the importance of aligning political will with economic realities to place Pakistan on a more resilient and inclusive growth path. The session drew an engaged audience keen to hear informed perspectives on stabilizing Pakistan’s economy, restoring growth, and undertaking long-term structural reforms.
The session was presented in collaboration with Oxford University Press, with the Government of Sindh serving as the title sponsor of the 17th Karachi Literature Festival. Now in its seventeenth edition, the Karachi Literature Festival continues to provide a vital platform for dialogue on literature, culture, public policy, and national development, bringing together thought leaders from Pakistan and world.
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