ISLAMABAD:
Prime Minister Shehbaz Sharif on Wednesday expressed confidence that through the tireless efforts of the economic team, the government will meet its economic targets in the next six months.
Speaking at the cabinet meeting, the prime minister noted that during the first five months of the current fiscal year, remittances had reached a record $15 billion, and he expected it to rise to $35 billion by the end of the fiscal year. .
He added that the government had managed to achieve macroeconomic stability, despite the opposition’s efforts to undermine its progress.
Wishing the meeting participants a happy new year, the prime minister said that the sun of 2025 will rise with the promise of progress and prosperity for Pakistan.
He prayed that the economic, political and law and order crises that the world faced in 2024 would be overcome by positive progress in the new year.
He said the ambitious local five-year plan titled “Uraan Pakistan” that was launched yesterday would prove to be a milestone for the country’s future as long as “we stay on the path and work hard to achieve the objectives set out in the plan.”
He specifically appreciated the efforts of Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb and other cabinet members along with relevant government officials.
He said that having achieved economic stability, the country had now entered the growth stage. “If we want to achieve economic development, then we will have to focus on export-led growth and we have no choice.
Prime Minister also appreciates the efforts of Deputy Prime Minister Ishaq Dar, State Bank of Pakistan Governor, Finance Minister and FBR Chairman to raise additional Rs 72 billion under ADR (advance to tax ratio), thank you to which the government’s goal of collecting taxes by December 2024 had almost been achieved.
Similarly, he said that thanks to the Bill Gates Foundation funding of $6 million, the digitization work of the Federal Board of Revenue (FBR) will be completely digitalized.
The first results of this project were that the duration of container inspection was reduced by 39%, while entrepreneurs obtained a relief of 89%.
Furthermore, he said that sugar smuggling through Afghanistan had been reduced to zero, which was a positive sign for the country’s economy. He gave the credit for the reduction in smuggling to Industries and Production Minister Rana Tanvir Hussain, institutions and the army chief.
He said that during the first nine months of the government, no scandal emerged reflecting the government’s commitment to ensuring transparency in all sectors.
Regarding terrorism in the country, the Prime Minister promised that the law enforcement agencies were fully committed to stopping the nefarious designs of the enemies.
Inflation
Prime Minister Shehbaz Sharif on Wednesday expressed satisfaction over the fall in inflation rate to 4.1%, its lowest level in 81 months.
He said in a statement issued by the Prime Minister’s Office that macroeconomic stability had been achieved but this was just the beginning.
Prime Minister Shehbaz Sharif said that it was positive progress that the inflation rate would reach 4.1% by December 2024. He said that the government had launched a project like Uraan Pakistan – Pakistan Takeoff that would place Pakistan among the countries leaders of the world.
“The government is pursuing a policy of economic reforms. The current account has achieved a surplus after 24 years. Inflation has dropped from 38% to 4.1% and the stock market has become the second best market in the world,” added the prime minister.
Prime Minister Shehbaz Sharif added that the official rate has come down from 22% to 13% and that thanks to the hard work of the government’s economic and financial team, the economy is moving towards stability.
“Us [the government] They are aware of the difficulties of the people and that is why they worked day and night to solve the problems of the masses. Insha Allah [God willing]”People’s lives will become even better,” the prime minister said.
