"The fate of a nation has often depended upon the good or bad digestion of a prime minister" ---- Voltaire . . .

The agenda to steer Pakistan into the 21st century is rapid industrialization, efficient infra-structure, and economic independence. The achievement of this agenda is the mainstay of the present People’s government. It is with this in perspective, that the Prime Minister has globe-trotted to attract foreign investors and to invite direct investment into the country.

The response to the various conferences, exhibitions, publicity, and the hard-sell approach of Premier Bhutto and her economic managers has been generally positive. The flurry of activities has proved that the foreign investor has evinced interest in what this country has to offer and what the future prospects will be, especially in the bottom line for the global companies. The country may not get all the US$ 20 billion; nevertheless, Pakistan is on the right track. That’s for sure !

There are many people who are still skeptical, cynical, or downright against the modus operandi of this investment bazaar. There are allegations of under-hand deals, there are complaints about the non-transparency of the whole process, and then there are those who feel that, at the end of the day, Pakistan will get the short end of the stick.

It is essential that the process of inducing the foreign investors to seriously think about Pakistan continues and accelerates. It is essential that the bottle-necks, hindrances, and ad-hoc measures be eliminated. It is essential that the red carpet be rolled out and the red tape be rolled back. However, at the same time, it is in the longer interest of the nation that the economic structure is not only maintained but also further strengthened.

The government in power is responsible for the initiation and implementation of economic policies that are, and should be such that long-term effects are beneficial and sustainable. Yet, most of the time, the policy-makers succumb to populist measures and schemes which then go haywire or are misused ruthlessly. At the same time, major infra-structure projects are envisaged and then, shrewdly processed thru the labyrinth of governmental bureaucracy, without pragmatic allocation of financial resources.

In recent times, the past or present governments have popularized the yellow-taxi scheme, the green-tractor program, and if things go as they are now, very soon there would be announcements about the "red-motorcycle" plan for those who cannot afford the highly sales-taxed vehicles made in the country. Maybe, in response to the craze for private planes by the Chief Ministers and various strategically placed Ministers, there would be the introduction of "white-planes" project for the thousands of billionaires and millionaires on the same pattern as the yellow-cabs, because with all the prudential regulations, anti-dumping duties, and other taxes, the rich cannot afford to buy these planes with their own cash.

The on-going change in policy regarding four lanes or six in the Motorway project, with its obvious "loaded" cost, the uncertainty of the privatization process, the wishy-washy decision on the future value of the Pak Rupee, and a host of other decisions are adding confusion to the complete economic picture of the country.

There is, therefore, the need to set up the National Economic Council, which would be an independent, apolitical, and sincere body. The primary function of this Council would be to vet, verify, and justify the major projects that the government or even the private sector wants to bring into Pakistan. The NEC should meet once every quarter, and decide whether a particular project is in the larger interest of the nation and whether the costs are realistic. The NEC should also suggest the resource mobilization of that particular project and should also endeavor to strongly discourage the government from attempting to enter into such hair-brained schemes that put the entire financial regime of the country in grave risk.

The NEC will be composed of senior economists who have really worked and excelled in their fields. It is proposed that the NEC should be headed by former Prime Minister, Moeen Qureishi. It should include Dr. Mahbub-ul-Haq, Dr. Meekal Aziz Ahmad, Shahid Javed Burki, Dr. Hafeez Pasha, Shahid Kardar, and Dr. Akmal Hussein. They could be persuaded to be the "eyes and ears" of the country’s economy and chart out a path for the prosperity of this motherland. They could come over to Pakistan (the first five are overseas) for a week or so every three months and use their immense expertise in deciding whether the schemes and projects presented to the Council are good for Pakistan.

The secretariat of the NEC should comprise of dedicated economists and planners who are shielded from the present bureaucratic syndrome. There must be a distinction between these people, and the political appointees or in transit bureaucrats. The selection of the secretariat should exclusively be on merit and merit alone. If need be, the NEC could invite expatriates to come over and work for the Council at a better emolument package than normally offered. This group would do all the required studies to determine the viability of the projects and would also provide counter proposals if there is a positive feasibility of a particular plan.

Today when there are rumors, claims, and accusations of corruption, kick-backs, selling off of the family jewels, and lack of transparency, etc., it is extremely important that there be an independent body free from the shackles of political control, bureaucratic control, and any other external control. It can then judiciously and assiduously apply the combined experience in the spheres of economic and financial management and provide the country with the right projects, those that will accelerate the country’s march on the road to prosperity.

Yes, there will be those who would come out with their own criticisms about the composition of this Council or whether there is really the need for such an exercise. The answer is very simple. There is all this commotion over the negative aspects of foreign investment, there is all this fuss over the innuendoes about the potential kick-backs in various mega-projects, and there is all this hullabaloo over the disastrous yellow and green schemes. Isn’t it then imperative that there be a watchdog organization that could make sure the country is not going to rot ? Wouldn’t the citizens of the country feel satisfied that there is some group to lookout for the interests of the nation ? Wouldn’t this National Economic Council, with the impeccable credentials of the personalities mentioned above, be the counterpart and in the mold of the much-needed National Security Council ? The case is for the readers to decide.