HomeBusinessPM Shehbaz Sharif vows economic reforms

PM Shehbaz Sharif vows economic reforms

Prime Minister Shehbaz Sharif has committed to dismantling institutions, ministries, and departments that have become financial burdens. He asserts that this decisive action will save taxpayers billions of rupees and set Pakistan on a path to prosperity.

Addressing the nation on Saturday, the Prime Minister declared, “The abolishment of all ministries and departments which, instead of serving the nation, have become a burden on the masses is indispensable.”

Reflecting on the economic landscape when his government took power, PM Shehbaz said, “When we assumed office, the economic conditions were dire and apparent to everyone. We successfully averted a default.”

The Prime Minister credited the Pakistan Democratic Movement (PDM) alliance and the top leadership of the Pakistan Peoples Party (PPP), including President Asif Ali Zardari and Bilawal Bhutto Zardari, for navigating the country through a challenging economic period.

Commending his government’s economic policies, PM Shehbaz noted that the country is now on a trajectory of progress. “However, this path is not only arduous and lengthy but also demands sacrifices from government elites. The entire nation is watching to see how the government leads Pakistan out of the economic crisis and ushers in an era of prosperity,” he remarked.

Since assuming office, with the support of the people, PM Shehbaz highlighted significant achievements: inflation has been reduced from 38 per cent to 12 per cent, and the interest rate on loans has been cut from 22 per cent to 20.5 per cent. “These measures will stimulate investment, reduce Pakistan’s debt, and accelerate the country’s journey towards prosperity,” he stated.

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The Prime Minister also mentioned recent reductions in petrol and diesel prices, describing them as “relief” for the inflation-hit populace. He acknowledged, however, that these steps are insufficient in the face of the “storm of inflation” over the past four years that has severely impacted the poor.

PM Shehbaz reassured the nation of his commitment to further reducing inflation, expanding investments, and providing higher education opportunities for the youth. “We will continue to take measures to provide relief and drive the nation towards greater economic stability and growth,” he promised.

Prime Minister Shehbaz Sharif has pledged decisive actions to achieve Pakistan’s economic targets, asserting that the upcoming IMF program will be the country’s last reliance on IMF loans.

In his national address, PM Shehbaz expressed satisfaction with the revenue collection for the fiscal year 2023-24, noting a substantial 30 per cent increase compared to the previous year. Looking ahead to the fiscal year 2024-2025, he acknowledged the ambitious nature of the new revenue targets, describing their attainment as a formidable challenge.

Promising strong fiscal governance, PM Shehbaz assured the public of the government’s commitment to enhancing tax collection and eradicating corrupt practices. He highlighted a shift in foreign policy, emphasizing efforts during his international visits to secure investment for Pakistan rather than seeking additional loans.



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