Efficiency and Good Governance in Regulatory Bodies – need of the hour

FNSt Pakistan supported this event in favor of establishing an Economic Freedom Network (EFN) Pakistan, which shall consist of several institutions, authorities, organizations and individuals, working on Free Market Economy. This seminar opened a gate to scholars and scientists, who work in that field, but the target group was also students of economics who participated in large numbers.

At the beginning of the seminar Dr. Salman Shah, Advisor to Prime Minister of Pakistan for Finance, Revenues and Economic Affairs shared with the audience the efforts being made by the present regime in favor of a growing economy and hence an additional trickle down effect for the masses. The future, from Dr. Shah’s perspective was brilliant as according to him "the country with sixth biggest population in the world could be also the sixth rank in terms if GDP per capita within the next decades if the present pace of reforms were to continue".

Later on two sessions dealt with special Regulatory Bodies like Water and Power Development Authority (WAPDA), National Electric Power Regulatory Authority (NEPRA) Pakistani Electronic Media Regulatory Authority (PEMRA) and others. Although most of these authorities have sent representatives to participate in the discussions they could not convince the distinguished audience of their efficiency and were subject to a lot of critical questions which they could not address effectively.

The conclusion of the day long session was that the Policy Framework given by the government is often too weak and the independence of these authorities is de jure and not de facto. Especially when it comes to prices it was not clear who sets them as it is certainly not the market. Most of the scholars and scientists complaint the missing competence and offered their institutions to work for this Regulatory Bodies in terms of independent and fact based surveys and investigations to find a sound ground for decisions.

It is important to mention that the discussions also revealed that most of the regulatory bodies were headed by retired army personnel who perhaps are not well versed in the skills required for the job.

FNSt Pakistan will continue to work with IIIE and others to promote Free Market Economy, competition and Public Private Partnership as essentials prerequisites to establish a functional and effective infrastructure in favor of the citizens.