been executed. Others get encouraged by such tactics and they also pursue the same path. Most of the litigation in Pakistani court system arises from the disputes on land, residential or commercial property. A large number of projects are either delayed or abandoned as the potential investors find themselves entangled in cases filed by those illegally occupying their land or property against the legitimate owners. Weak and unclear title deeds, loopholes in registration procedures and unreliable transfer mechanisms have encouraged the propensity for unnecessary litigation. In large urban areas, organized land mafias have taken illegal possession of large tracts of state and private land parcels. Building Control Authorities such as CDA, LDA and KBCA have become hubs of corruption where lower functionaries would create hurdles at every stage of construction and won’t issue the Building Completion Certificates unless they are paid huge sums as illegal gratification. Multi billion dollars worth of investment is stuck and has become illiquid because of these factors. Finally, most of the problems in the operation of the Public Sector enterprises arise due to widespread favoritism and nepotism in the appointments of the Chief Executives and the Boards. The process of their appointment is highly opaqe and depends upon the whims of the Prime Minister or the Chief Minister who enjoy enormous discretionary powers. These powers have been mis-utilized to favor the cronies of the rulers. To avoid this tendency and introduce transparency the Chief Executives (CEOs) and the Board of Directors for 100 key economic institutions, organizations and corporations should be appointed for a fixed tenure in a clearly defined process. Once appointed they cannot be arbitrarily removed without cogent reasons. These appointments should be placed and endorsed by the Parliamentary Committees and the removal can be challenged in the higher courts of law if done with malafide. These CEOs should be given specific targets and held accountable for results. The Annual Reports of their performance and financial statements should be submitted to the Parliament and made public. Those who consistently fail to meet agreed performance goals without any justifiable reasons should be taken to task.
been executed. Others get encouraged by such tactics and they also pursue the same path. Most of the litigation in Pakistani court system arises from the disputes on land, residential or commercial property. A large number of projects are either delayed or abandoned as the potential investors find themselves entangled in cases filed by those illegally occupying their land or property against the legitimate owners. Weak and unclear title deeds, loopholes in registration procedures and unreliable transfer mechanisms have encouraged the propensity for unnecessary litigation. In large urban areas, organized land mafias have taken illegal possession of large tracts of state and private land parcels. Building Control Authorities such as CDA, LDA and KBCA have become hubs of corruption where lower functionaries would create hurdles at every stage of construction and won’t issue the Building Completion Certificates unless they are paid huge sums as illegal gratification. Multi billion dollars worth of investment is stuck and has become illiquid because of these factors. Finally, most of the problems in the operation of the Public Sector enterprises arise due to widespread favoritism and nepotism in the appointments of the Chief Executives and the Boards. The process of their appointment is highly opaqe and depends upon the whims of the Prime Minister or the Chief Minister who enjoy enormous discretionary powers. These powers have been mis-utilized to favor the cronies of the rulers. To avoid this tendency and introduce transparency the Chief Executives (CEOs) and the Board of Directors for 100 key economic institutions, organizations and corporations should be appointed for a fixed tenure in a clearly defined process. Once appointed they cannot be arbitrarily removed without cogent reasons. These appointments should be placed and endorsed by the Parliamentary Committees and the removal can be challenged in the higher courts of law if done with malafide. These CEOs should be given specific targets and held accountable for results. The Annual Reports of their performance and financial statements should be submitted to the Parliament and made public. Those who consistently fail to meet agreed performance goals without any justifiable reasons should be taken to task.
Pakistan's_Economy_Post_Flood.docx