ISLAMABAD: The International Monetary Fund (IMF) has revealed that bureaucracy is a hurdle in Pakistan’s economy due to bureaucratic machinery and the regulations associated with it. Corruption is also one of the factors why economic stability of Pakistan may not last long.
In Pakistan, permission for investment in lucrative fields is restricted to the favoured ones. For all others, bureaucratic hurdles are there at every step where official permission is needed.
According to the experts, genuine investors avoid coming forward when they see that conspicuous sectors of economy are reserved for blue-eyed entrepreneurs only.
Opposition enraged as Govt tables supplementary finance bill
Other than that, the Constitution of Pakistan makes little mention of the bureaucracy, other than to give the president power to appoint various sorts of officials.
Rules and regulations in bureaucracy are often very rigid with no room for flexibility. Strict compliance with rules discourages initiatives and creativity. It may also provide the cover to avoid responsibility of failures.
All Fund Programs are aimed at economic stability: Esther Perez Ruiz
Furthermore, a bureaucratic organization stresses a mechanical way of doing things. Organizational rules and regulations are given priority over an individual’s needs and emotions.
IMF has demanded the government of Pakistan to simplify the process of tax payment and remove unnecessary regulations to improve the business environment and make it more transparent to the public.
Stay tuned to Baaghi TV for more. Download our app for the latest news, updates and interesting content!
Leave a reply
