Prime Minister Shehbaz Sharif recognized the high tax burden on companies and expressed his willingness to reduce taxes by 15% immediately if he was given the opportunity. However, he emphasized that the right time will come for such a measure.
Speaking in the federal government event that marks the “Construction and Development Day” in Islamabad, the prime minister highlighted Pakistan’s trip during the past year, stating that the country has moved from darkness to light. “This progress is not the achievement of an individual but the result of collective efforts,” he said.
Remembering a critical moment in June 2023, he mentioned a conference in Paris where the Pakistan IMF program faced uncertainty due to strict conditions. “Inflation was at its highest point, and common citizens brought the worst part of economic difficulties. I greet them for their resilience because, without their sacrifices, we would not be where we are today,” he said.
In addition, he shared details of his meeting with the IMF managing director, who initially indicated that it was unlikely to ensure more financial assistance. However, after discussing the problem with the Islamic Development Bank, Pakistan was able to ensure a $ 1 billion commitment through rapid budget amendments.
The prime minister assured the business community that future policies would be formulated in consultation with them. “We have made difficult decisions to stabilize the country, and within a year, Pakistan has begun to progress towards economic recovery,” he said.
Referring to the September agreement with the IMF for a loan of $ 7 billion, he accredited teamwork to prevent Pakistan from breaking. Although he refrained from the direct criticisms of the previous government, he recognized the severe economic recession, stating that inflation had shot 40% and investors had suffered significantly.
Highlighting the impact of inflation on common people, he said that salaried people contributed RS. 300 billion in taxes. He also mentioned successful measures to stop the smuggling of Afghanistan and the export of 211 million dollars in sugar this year.
Regarding national security, he lamented the resurgence of terrorism, stating: “In 2018, terrorism had been eradicated, but unfortunately, he has returned. We must ask why this has happened.”
The speech of Prime Minister Shehbaz Sharif stressed the government’s commitment to economic recovery, financial discipline and national security, promising a brighter future for Pakistan.
