- Prime Minister Shehbaz emphasizes the collective effort for growth.
- DPM Dar recognizes leadership for economic stability.
- FM Aurangzeb highlights reforms in key sectors.
Prime Minister Shehbaz Sharif said on Wednesday that the economy was getting back on its feet and vowed that the journey towards growth had officially begun.
During a day-long visit to Karachi, the Prime Minister expressed his happiness to visit the stock market for the first time and emphasized the importance of economic growth in the nation.
While addressing an event at the Pakistan Stock Exchange (PSX), he said that Karachi was the backbone of Pakistan’s economy, noting how the city’s once dimmed lights had now returned, symbolizing the revival of the country’s economic strength.
He further added that Pakistan’s economy was back on its feet, underscoring the need for continued growth. “If everything was perfect, we’d be living in a fool’s paradise,” the prime minister said.
Prime Minister Shehbaz expressed his willingness to cooperate with all sectors for sustained economic development and affirmed that economic progress would require collective efforts.
The Prime Minister noted that the country had achieved economic stability and although challenges remained, Pakistan was moving 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 noted the tax targets for the next six months, which were clearly set and would be met through persistent efforts. Prime Minister Shehbaz mentioned that the interest rate had come down to 13%, but he hoped for a further reduction to 6%.
The prime minister called on experienced economists to guide the country’s economic recovery and sought concrete recommendations for further improvements.
He emphasized the need for the private sector to play a greater role in the growth of the economy, emphasizing the importance of increasing tax revenue.
‘Bright’ future
Deputy Prime Minister Ishaq Dar, who spoke at the event, reflected on the long-term benefits of stock market integration, which began nine years ago, noting that the markets had grown into a strong foundation for the economy.
He acknowledged the struggles of 2017 due to political instability and the economic downturn that followed. DPM Dar also highlighted the threat of economic collapse that countries faced globally during the COVID-19 pandemic.
DPM Dar assured business leaders not to spread despair and assured them that “the future looked bright”. He credited Prime Minister Shehbaz’s leadership for preventing the country from economic collapse and acknowledged that Pakistan’s diplomatic isolation had ended with increasing foreign investor confidence in the nation.
Finance Minister Muhammad Aurangzeb also spoke at the event and emphasized the importance of the stock market’s role in boosting investor confidence in the economy.
FM Aurangzeb highlighted the progress made through the IMF agreement which had brought economic stability and noted that reforms in ailing public institutions were underway.
He also pointed to the digitization efforts in the Federal Agency (FBR), the need for reforms in the energy sector and the introduction of structural reforms to improve the country’s infrastructure. FM Aurangzeb emphasized that the federal government’s efforts to reduce expenditure also made a difference in improving economic conditions.
In his remarks, the finance minister noted that a reduction in the key interest rate had eased the debt burden and interest payments.
