Experts seek energy sector overhaul, shift to renewable sources.

ISLAMABAD -- The experts at a seminar on Wednesday called for redesigning of energy sector immediately and shift to solar and wind power at household level so as to save the foreign reserves of the country which were now depleting to an alarming level.

The seminar titled: 'Energy Prices, Budget 2022-23, and IMF: Analysis and Perspective,' was organized by Sustainable Development Policy Institute (SDPI), said a news release.

Senior Economist and Public Policy Expert, Dr Khaqan Najeeb asserted that Pakistan's ability to complete the IMF's 7th Review was crucial for securing $1 billion and ensuring its access to other creditors and friendly countries.

The success of an IMF-backed programme hinges on the team's preparation and the arguments they present during the review.

On the budget side, he hoped, there was a scope for higher collection of Rs 7,800 billion by Federal Board of Revenue (FBR) through compliance and tackling tax evasion.

'It is also important to minimize the level of levies on energy sector to minimize the impact on inflation, he said, adding that on energy side, a redesigning of the sector is needed on urgent basis, as it may help find a way forward of staggering and passing the new tariffs - both in electricity and gas.

Moreover, Dr Najeeb said, key economic decisions must not be derived by short-term political goals, which may not ensure sustainable development and growth. Pakistan has been facing a perpetual human resources crisis as its public sector is highly rigid and there is a little room for hiring new talent at different levels of management, which prevents new experts and knowledge from entering the system, he mainatined.

SDPI Executive Director, Dr Abid Qaiyum Suleri said there was a high political polarization in the country and there was a complete change of narratives of the political leadership when in opposition and when in government that has led Pakistan to lose its credibility.

'If we want a stable government, we need to make a statutory mechanism, which can bring consensus on economic issues of the country.'

He suggested that all the political parties and stakeholders should be the part of broader consultations on national economy as political uncertainty is affecting the overall economic situation of Pakistan.

'Economic security is the pillar of our National Security Policy, thus we...