It is a matter of privilege and pleasure for me to attend this annual Conference of the Pakistan Society of Development Economists. Over the past years this gathering has turned into a regular event providing a unique opportunity to scholars, economists and social scientists to deliberate on issues of national and international significance. The participation of eminent scholars and experts from within and outside the country and the large number of papers on various topics to be presented during its four-day deliberations signify the importance of the Conference and augurs well for its success. I feel that in addition to offering a platform for academic and professional interaction, the Conference can also be used for putting forward specific recommendations that may be considered by the government in formulating its policies. The theme of the Conference, namely “Governance and Development”, is critical and timely. It implies that the issue of governance is not only significant in its own right but also has a direct and close bearing on development issues. Experience in Pakistan and elsewhere shows that neglecting the issue of governance and management has severely impaired economic growth and contributed to social and political malaise. It is a happy coincidence that this theme is also occupying a high position in the agenda of the present Government. You may recall that in his address to the nation on 17th October, the Chief Executive, General Pervez Musharraf, has identified good governance as the pre-requisite to achieving the seven aims and objectives that the government has set before it. This seven point agenda, includes the revival of the economy, restoration of investors’ confidence and ensuring swift and across the board accountability.