Federal Minister for Law and Justice Senator Azam Nazeer Tarar has directed the preparation of a comprehensive roadmap to further improve Pakistan’s performance on governance indicators, with a focus on identifying immediate, medium- and long-term measures.
He was chairing the first meeting of the Prime Minister’s Committee on Key Governance Indicators on Tuesday. Minister of State for Law and Justice Barrister Aqeel Malik, Secretary Finance, Secretary Cabinet Division and other relevant federal and provincial officials attended the meeting.
The meeting was briefed on Pakistan’s recent efforts for macroeconomic stabilization, credit ratings and their linkage with governance indicators. The briefing noted that Pakistan’s credit rating had witnessed positive progress over the past two years as a result of macroeconomic stabilization efforts.
The meeting was informed that data used in credit rating assessments is generally around two years old, resulting in a delay in reflecting the full impact of ongoing reforms and improvements in international ratings. The briefing described economic stability, improved credit rating, lower borrowing costs and stronger governance as interconnected factors.
The Federal Minister directed that the sub-components of governance indicators and the assessment methodology be reviewed in detail. He said practical and measurable reforms suited to Pakistan’s prevailing circumstances and institutional structure should be identified.
He also directed that relevant international and regional best practices be reviewed, emphasizing that models from other countries should not be adopted mechanically and that Pakistan’s own circumstances and institutional requirements should be taken into account.
The meeting decided to constitute a Sub-Committee comprising subject specialists to work on improving governance indicators. The Sub-Committee will review key aspects relating to governance indicators and submit its recommendations and roadmap to the main committee within one week.
The Federal Minister also directed that a focused interim report comprising immediately implementable measures be prepared and that responsibilities at the federal and provincial levels be clearly defined in the proposed reforms.
He further directed that, alongside overall improvements in governance, measures to enhance Pakistan’s international standing and country credibility also be proposed.
