Chairing a key meeting of the Prime Minister-appointed committee, Akhtar stressed the urgent need to align Pakistan’s legal frameworks with global norms to attract investors
By our correspondent
ISLAMAABD: In a clear signal of the government’s renewed drive to stabilise the economy and regain investor trust, Special Assistant to the Prime Minister Haroon Akhtar has announced an ambitious legal reform agenda aimed at overhauling Pakistan’s investment climate. Central to this effort is the proposal for a new and improved bankruptcy law, which officials believe will lay the groundwork for a more secure and attractive environment for foreign and local investors alike.
Chairing a recent meeting of a Prime Minister-appointed committee, Akhtar outlined the urgency of making Pakistan more investor-friendly by aligning its legal frameworks with international standards. The session, which brought together senior lawyers and economic advisors, focused on revitalizing the Corporate Rehabilitation Act of 2018. Though intended to help struggling businesses restructure and survive, the Act has remained underutilized, weighed down by limitations and procedural ambiguities. Akhtar stressed that without significant changes, such legislation fails to serve its purpose or inspire confidence among potential investors.
In response, a sub-committee has been formed with a sharp mandate: review, revise, and fortify the existing law to make it more responsive to the needs of a modern, growth-oriented economy. The team includes prominent legal minds like Ali Sabtain Fazal and Abid Shabaan, as well as CEPC Commissioner Muzaffar Mirza and consultant Usman Khan, whose combined expertise is expected to lead to a well-rounded and enforceable legal framework. The sub-committee is expected to submit its recommendations by mid-June, suggesting a sense of urgency and political will behind the reform.
The broader goal, as officials repeatedly emphasized, is not just legal tidying-up but creating the kind of systemic confidence that compels long-term investment. “Without legal clarity and a reliable mechanism for corporate restructuring, even the most promising economies can stall,” Akhtar reportedly said. The new framework, if delivered as planned, could serve as a backbone for Pakistan’s economic recovery—providing businesses with the safety net they need to take calculated risks, expand operations, and ultimately create jobs.
