The Asian Development Bank (ADB) has approved technical assistance (TA) of $0.5 million for Pakistan aimed at the formulation of evidence-based economic policies for private sector development and export promotion as well as reducing the trade deficit.
The almost stagnant growth in exports poses a significant development challenge for Pakistan. This trend continued even during the recent period of sharp currency depreciation that started in 2019.
Food and textiles remain Pakistan’s key exports, but they continue to suffer from declining external demand, low value-addition, poor trade facilitation, and higher competition from other countries.
Pakistan also lags in export competitiveness, resulting in a continual loss of market share. Therefore, evidence-based policy formulation for export sectors that aims to enhance exports’ value-addition, increase diversification, and pave the way for more robust export-led growth is critical to ensuring sustainable economic growth in the country.
The documents further stated that policymaking is a multidimensional exercise that involves dealing with varying degrees of uncertainty and complexity. The first step towards adequately addressing the multifaceted challenges beset by private sector development and export growth in Pakistan is sound policy formulation. Pakistan’s public institutions often do not have the adequate capacity to formulate evidence-based policymaking. It is critical to conduct quantitative and qualitative analyses of...
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