Prime Minister Shehbaz Sharif praised his government for achieving economic recovery and avoiding bankruptcy through international support in his first year. He highlighted initiatives to address state-owned enterprise losses, introduced a Ramazan aid package, and announced plans for economic reforms, while Foreign Minister Ishaq Dar confirmed the end of Pakistan’s diplomatic isolation, noting its UNSC membership.
ISLAMABAD: Prime Minister Shehbaz Sharif expressed pride in his government’s first-year performance, emphasizing that they successfully navigated the country through significant crises and avoided bankruptcy, largely thanks to financial assistance from allied nations. Speaking at a cabinet meeting, he noted that meeting the International Monetary Fund’s (IMF) conditions required arranging $5 billion in financial support, achieved through diplomatic engagements.
The Prime Minister commended his cabinet for their dedication and the collective efforts to avert national default. He reiterated his vision of transforming Pakistan into a $1 trillion economy by 2035, while addressing critical matters such as expediting resolution of pending Rs400 billion tax cases in courts and rectifying Rs850 billion losses from state-owned enterprises, which he described as ‘bottomless pits’.
Furthermore, he highlighted efforts to mitigate circular debt in the power sector and announced a Rs20 billion Ramazan aid package aimed at supporting four million families through a digital wallet scheme that allocates Rs5,000 per family efficiently. During his remarks, he condemned the humanitarian blockade in Gaza and recognized the critical conditions faced by the Kashmiri population, urging global advocacy for their rights.
On the topic of foreign relations, Foreign Minister Ishaq Dar indicated that Pakistan’s diplomatic isolation has come to an end, noting its election to the United Nations Security Council for the term of 2025-26 and the resumption of international conferences like SCO after a 27-year hiatus. He also pointed out the pressing climate change challenges faced by Pakistan.
Minister of Finance Muhammad Aurangzeb highlighted substantial improvements in the economy, citing a 71 percent return on the Pakistan Stock Exchange and the highest current account surplus in two decades. He mentioned plans for the rightsizing of ministries and departments, alongside notable revenue increases attributed to the introduction of a faceless assessment system.
Power Minister Awais Leghari briefed attendees on considerable reforms leading to a reduction of Rs151 billion in industrial cross-subsidy, as well as the solarization initiative of tube wells in Balochistan, aimed at enhancing sustainability and reducing sectoral losses. Additionally, Minister of State for IT Shaza Fatima Khawaja reported a growth in broadband subscribers and the telecom sector’s substantial economic contributions. Planning Minister Ahsan Iqbal expressed optimism regarding the roadmap’s execution towards establishing five corridors of growth under the Prime Minister’s guidance, alongside reports from various ministries addressing governance, smuggling, and environmental initiatives.
Prime Minister Shehbaz Sharif has emphasized significant strides made by his government during its first year, particularly in economic recovery and diplomatic engagement. With a focus on tackling state-owned enterprise losses and promoting financial inclusivity through targeted packages, the administration aims for sustainable growth and the establishment of Pakistan as a $1 trillion economy by 2035. These developments, alongside international collaboration and comprehensive reforms, signal promising advancements for the nation.
Original Source: www.dawn.com
