LAHORE: Federal Finance Minister Shaukat Tarin has said that participation in the Afghan war during the 1980s and the ‘war on terror’ after 9/11 resulted in destabilising the country’s economy, which is still facing repercussions of those decisions.

However, he added, the present government had devised short-, mid- and long-term plans for national development. The minister was addressing the annual dinner of Punjab University Institute of Business Administration’s alumni association on Saturday night.

In the 1960s, Pakistan’s economy was far better than South Korea’s, he said, but currently per capita income in Pakistan was 1,500 dollars whereas it was 25,000 dollars in South Korea.

Mr Tarin said the country was in dire need of inclusive and sustainable growth, with focus on increasing revenues and promoting productive sectors, including agriculture, as only sustainable growth could help the country to avoid the International Monetary Fund (IMF) and the World Bank programmes.

The minister told the gathering that Pakistan would have to increase its exports and provide a congenial environment for businesses to prosper and attract investments.

Punjab University’s Vice Chancellor Prof Niaz Ahmad said the international ranking of his university had improved 16 per cent in just three years and 13 subjects were ranked in the QS. He said the alumni association was activated to strengthen the connection among alumni, departments and new students to promote industry-academia linkages.

He said the institutions that defined their core values, focused on their customers and adopted a continuous process of improvement prospered.