Towards‘Good’ Economic Governance either through public resources or through the CPEC. Consequently, 47 percent addi­tional capacity had been added by 2019-20. Today, there is hardly any load shedding in most parts of the country. iii) As opposed to the above, there have also some notable failures, as follows: iv) Exports were at the level of$24.8 billion in 2012-13. They stagnated for the next five years and stood at the same level of$24.8 billion in 2017-18. This was primarily the consequence of the policy of maintaining an overvalued exchange rate to keep the rate of inflation artificially low. This happened at a time when even dollar prices of exports were falling due to greater competition in the global market. v) The SBP adopted the policy of raising the policy rate massively from 6 percent in early 2018 to as high as 13.25 percent in late 2019. The motivation apparently was to at­tract‘hot money’.$3 billion did come in but exited as soon as COVID-19 hit Pakistan. Meanwhile, the costs of debt servicing went up by over 30 percent in 2018-19 and contributed to the largest fiscal deficit ever, of almost 9 percent of the GDP. Private investment also collapsed. These failures have not been followed by reprimands of the economic team at the time. There is a need to ensure that the quality of economic governance is such that opportunities are identified quickly and fully exploited. As opposed to this institutional mechanisms and processes should exist to prevent the occurrence of big mistakes. 2.3. Presence and use of high-level Constitutional Fora The Constitution of Pakistan has provided for two highest level Constitutional fora to act as‘watchdogs’, discuss, approve and monitor implementation of key policies and plans and resolve disagreements among members of the Federation, that is, the Federal and Provincial Governments. These Constitutional bodies are described below. National Economic Council This Council has been constituted under Article 156. The Chairman of the National Economic Council(NEC), according to Article 156 of Pakistan, is the Prime Minister. The representation from a Province is by the Chief Minister and one other member. In addition, the Prime Minister may nominate four other members. The functions of the NEC are given as: ‘The NEC shall review the overall condition of the country and shall, for advising the Federal and Provincial Governments, formulate financial, commercial, social and economic policies.’ 21