Following through

ECONOMIC policymaking requires private-sector buy-in to succeed. Yet our policymakers have rarely sought it without political prodding from the top. Even when they do, their instinct is to bury, ignore or delay implementing the recommendations. That is precisely why the prime minister deserves credit for maintaining periodic contact with the business community. But such interactions should deliver results, not merely generate positive headlines. Still, progress is visible, though the pace remains slow. The super tax has been withdrawn, and some business costs have eased. The government also cites Rs800bn recovered through stronger enforcement over the past year without imposing new taxes on compliant businesses. That is a meaningful gain, but sustaining it demands deeper institutional reform. The PM’s view that growth must become export-led is correct. Pakistan’s domestic-demand-driven expansions follow a familiar pattern: they last for a while but then create external imbalances and return the country to stabilisation programmes. But intent is not enough. Predictable policies, competitively priced energy, long-term financing, reliable logistics and a regulatory environment that does not punish investment are needed. Currently, long-term investment is scarce and competitiveness continues to erode. Businessmen have pointed this out to the PM and his economic team several times during consultations. The PM and his team agree, but there is no follow-through. There is no record of which commitments from previous meetings were fulfilled. That pattern is why business confidence in these consultations continues to diminish even as the meetings go on. The meetings have value in principle. They bring to the government’s attention the obstacles businesses actually face and can build confidence in the process. In practice, however, they tend to become crowded affairs where a long list of grievances is aired without clear priorities or a mechanism to track what happens next. That must change. Future sessions should focus on specific reforms, with each action assigned to a ministry, given a deadline and measurable target, and made the responsibility of an identifiable official. The Prime Minister’s Office should directly oversee this process. A directive issued in a meeting room is not policy until it is recorded, assigned and pursued to completion. Too much of what is said in these forums disappears once the meeting ends. Public promises and announcements have never been in short supply — from this government or its predecessors. What has been missing is a clear and stable policy regime that allows businesses to plan and invest for the long term. Whether these consultations change that is the only test that matters. The dialogue channel the PM has established is worth keeping open. But its purpose must now shift from reassurance and the resolution of individual grievances to reforms that change the operating environment itself. Published in Dawn, September 10th, 2026

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