Time to Deregulate
PIDE Sludge Audits show that the cost of regulations is way above the total GDP of Pakistan. A detailed review of the federal regulatory structure shows that “122” regulatory bodies are functional at the helm of the Federal Government. The government through its direct interventions has a footprint of more than 67% of the GDP.
We would like you to consider the following:
- Is the regulatory framework a barrier to investment and innovation?
- How can we effectively plan if we don’t go by the data?
- In what ways does avoiding accountability hinder transparency and progress in both public and private sectors?
- What steps can be taken to shift from a culture of fear to one that embraces constructive feedback and accountability?
- How can promoting transparency through evaluations lead to more effective governance and business practices in Pakistan?
- There are number of myths about informal economy including that it is black, evil and a waste. The informal economy is a competitive economy where the market actually works. Given the onerous regulations and poorly thought out and predatory.
- Are specific aspects of the regulatory framework causing the most problems? (e.g., permitting processes, licensing requirements, environmental regulations)
- Are regulations leading to rent-seeking and prohibiting market development?
- Most of the regulations are paper-based and require official permissions,
which are time consuming and possible bribe points. Could these be substituted by proper rule making and digitization?
- Is it possible to allow rule-based and competitive regulations, where consumers can have maximum choice? Are there alternative approaches to regulation that could be more effective, such as performance-based regulations or self-certification?
#Regulations #Business #Pakistan #Budget #Budget2024 #IMF #Debate #EconFest2024 #EconFest
Panelist:
AHMED WAQAR QASIM
Senior Research Economist, Pakistan Institute of Development Economics
AWAIS MANZUR SUMRA
Secretary, Ministry of Planning, Development & Special Initiatives
MUKARRAM JAH ANSARI
Member, (Legal & Accounting-Customs), Federal Board of Revenue
MUHAMMAD AHSAN MALIK
Senior Real Estate Analyst
MUHAMMAD MAALICK (Moderator)
Journalist/Anchor, AIK News
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