ISALAHABAD: According to Federal Minister for Poverty Alleviation and Social Safety Shazia Marri, the recent devastating floods that the nation experienced serve as a reminder of the necessity for increased social protection spending and resilience building in order to address the nation’s imbalances.
The Economic and Social Survey of Asia and the Pacific 2022 – Economic Policies for an Inclusive Recovery and Development was the topic of her remarks at a policy discussion on Thursday.
The minister stated that Pakistan needs a significant change in its macroeconomic policies to speed up the recovery phase in current crisis, when the floods have caused significant financial and human misery.
In these trying times, Mehnaz Akbar Aziz, a member of the National Assembly, stressed the need of fostering interpersonal relationships and the local government system.
To ensure their inclusivity and to ensure that they are in line with people’s current demands, she emphasised the importance of including youths, women, children, and minorities in discussions about economic policies.
She said that we must concentrate on job creation and create fiscal room for entrepreneurship for this purpose, saying that it is necessary to scale up investment in the health and education sectors to address social and economic inequities.
She continued by saying that people should not be burdened by high energy costs and that rural areas should prioritise the promotion of solar energy.
Additionally, this will make sure that energy supplies and subsidisation do not take precedence over social protection, education, and health.
The model has become particularly relevant in light of the recent flood catastrophes in many parts of the country, according to SDPI Executive Director Dr. Abid Qaiyum Suleri, who highlighted the model’s significant features. The model shifts our focus to aspects of resilience and social protection.
Various sectors are battling to recover from the negative effects of COVID-19, he noted, and a K-shaped recovery has been observed. To close the financing gap between sectors, macroeconomic stabilisation, fiscal interventions, and redistribution policies are necessary.