When will we see economic reforms?.

Pakistan’s economy is on a path of uncertainty due to its financial crisis and a demanding population. In response, the government has implored the IMF for debt relief while reassuring policymakers that they can improve Pakistan’s economic position by implementing reforms that will put it on a sustainable path to recovery. However, Pakistan must break away from the precedent of short-lived booms followed by painful bust cycles which have kept it stuck in the same pattern for decades.
In order to have a balanced economy, the energy sector in Pakistan needs to undergo reforms. If policies are introduced that focus on increasing productivity, it would allow Pakistan to decrease its reliance on importing costly energy products. In the first few months of this fiscal year alone, Pakistan has spent $4.86 billion in imports for these products, with 50% of those costs being related to petroleum products such as petrol and diesel.
The government should promote political will and make important changes to the refining industry so that companies from the industry commit to increasing production. This includes introducing a new, more effective oil refinery policy as well as fuel price deregulation. The benefits of this change include making downstream sectors (including oil marketing) cheaper and more competitive.