- Prime Minister Shehbaz highlights the collective effort for growth.
- DPM Dar attributes economic stability to leadership.
- Foreign Minister Aurangzeb highlights reforms in key sectors.
Prime Minister Shehbaz Sharif said on Wednesday that the economy was recovering and promised that the path to growth had officially begun.
During a one-day visit to Karachi, the Prime Minister expressed his joy at visiting the stock market for the first time and emphasized the importance of the nation’s economic growth.
While speaking at an event at the Pakistan Stock Exchange (PSX), he said that Karachi was the backbone of Pakistan’s economy, pointing out how the city’s lights, previously dimmed, had now returned, symbolizing the revival of vigour. economic of the nation.
He further added that Pakistan’s economy was once again standing on its feet, highlighting the need for continued growth. “If everything were perfect, we would live in a fool’s paradise,” said the prime minister.
Prime Minister Shehbaz expressed his willingness to collaborate with all sectors for sustained economic development, stating that economic progress will require a collective effort.
The Prime Minister commented that the country had achieved economic stability and while there were still challenges, Pakistan was heading in the right direction.
He assured that the country’s commitment to the International Monetary Fund (IMF) would be fulfilled but hinted that there would come a time when Pakistan would say goodbye to the IMF.
He also highlighted the fiscal targets for the next six months, which are clearly set and will be achieved through diligent efforts. Prime Minister Shehbaz mentioned that interest rates had come down to 13%, but he expected a further reduction to 6%.
The Prime Minister asked experienced economists to guide the country’s financial recovery and sought practical recommendations for future improvements.
He highlighted the need for the private sector to play a greater role in growing the economy, with an emphasis on the importance of increasing tax revenues.
‘Bright’ future
Deputy Prime Minister Ishaq Dar, speaking at the event, reflected on the long-term benefits of stock market integration, which began nine years ago, noting that the markets had become a solid foundation for the economy.
He acknowledged the struggles they faced in 2017 due to the political instability and economic recession that followed. Foreign Minister Dar also highlighted the threat of economic collapse that countries globally faced during the COVID-19 pandemic.
DPM Dar assured business leaders not to sow despair, assuring them that “the future looked bright”. He credited Prime Minister Shehbaz’s leadership for preventing the country from collapsing economically and acknowledged that Pakistan’s diplomatic isolation had ended, with foreign investors’ growing confidence in the nation.
Finance Minister Muhammad Aurangzeb also spoke at the event and underlined the importance of the stock market’s role in boosting investor confidence in the economy.
Foreign Minister Aurangzeb highlighted the progress made through the agreement with the IMF, which had provided economic stability, and noted that reforms were being carried out in ailing public sector institutions.
He also highlighted the digitization efforts of the Federal Board of Revenue (FBR), the need for reforms in the power sector and the introduction of structural reforms to improve the country’s infrastructure. Finance Minister Aurangzeb emphasized that the federal government’s efforts to reduce expenditure are also making a difference in improving economic conditions.
In his remarks, the Finance Minister noted that a reduction in the policy rate had eased the burden of debt and interest payments.
