Prime Minister Shehbaz Sharif praised his government for steering the country through crises and avoiding bankruptcy, aided by international support. Key highlights included addressing losses in state-owned enterprises, significant economic indicators like a growing current account surplus, and humanitarian aid packages while reinforcing Pakistan’s diplomatic standing and reform initiatives across various sectors.
Prime Minister Shehbaz Sharif emphasized his government’s commendable performance in successfully navigating the country through significant crises and avoiding bankruptcy during its inaugural year. He credited friendly nations for financial assistance necessary to meet the International Monetary Fund’s (IMF) requirements, revealing that he and General Asim Munir sought support from these nations to secure $5 billion needed for fiscal stabilization.
During a cabinet meeting assessing the government’s year-long efforts, Sharif praised his cabinet members for their commitment to avoiding financial default. He expressed determination to develop Pakistan into a $1 trillion economy by 2035 while addressing pressing economic issues, including a call to resolve Rs400 billion in pending tax cases and significant losses from state-owned enterprises (SOEs).
To counteract Rs850 billion in losses from SOEs, identified as ‘bottomless pits’, Sharif urged reforms within the power sector to eliminate circular debt. As a part of economic support, his government initiated a Rs20 billion humanitarian package to assist four million families through a digital wallet system, ensuring each family receives Rs5,000 to prevent financial mismanagement.
The Prime Minister also condemned humanitarian concerns in Gaza and emphasized international responsibility towards Kashmir and Palestine. Furthermore, Foreign Minister Ishaq Dar reported an end to Pakistan’s diplomatic isolation, highlighting the country’s upcoming tenure as a UNSC member for 2025-26 and the recent hosting of multilateral conferences like SCO after 27 years.
Finance Minister Muhammad Aurangzeb detailed positive economic indicators, including a 71% return on the Pakistan Stock Exchange and the highest current account surplus in two decades. He noted upcoming rightsizing plans for ministries and attached departments, the introduction of pension reforms, and substantial revenue growth due to a faceless assessment system. The FBR revenue saw a 26% increase thanks to these initiatives.
Power Minister Awais Leghari outlined reforms leading to a Rs151 billion reduction in industrial cross-subsidy and noted the solarization of tube wells in Balochistan, expected to save Rs100 million in sector losses. Additionally, Minister of State for IT Shaza Fatima Khawaja reported impressive growth in the telecom sector, adding 15 million new broadband subscribers and contributing Rs341 billion to the national economy. Planning Minister Ahsan Iqbal expressed confidence in achieving growth through the ‘Uraan Pakistan’ initiative, focusing on five growth corridors under the Prime Minister’s direction. Reports were also shared on initiatives targeting smuggling reduction, the Green Pakistan Initiative, and contributions to agriculture and livestock sectors.
The article highlights Prime Minister Shehbaz Sharif’s commendation of his government for navigating economic challenges, leveraging international support, and initiating reforms aimed at fostering financial stability. The discussion included steps to address the significant losses from state-owned enterprises and transformative economic measures, demonstrating a commitment to achieving long-term development goals. Additionally, accomplishments in improving diplomatic relations, substantial economic data, and sectoral reforms further encapsulate the government’s strategic push towards revitalization.
Original Source: www.dawn.com
