- Prime Minister Shehbaz emphasizes collective effort for growth.
- DPM Dar attributes leadership to 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, saying the journey to growth had officially begun.
During a day-long visit to Karachi, the Prime Minister expressed joy at visiting the stock market for the first time, highlighting the importance of the country’s economic growth.
Addressing an event at the Pakistan Stock Exchange (PSX), he said Karachi was the backbone of Pakistan’s economy, pointing out that the once dim lights of the city had now returned, symbolizing the revival of economic strength of the country.
He further added that Pakistan’s economy was back on its feet, emphasizing the need for continued growth. “If everything were perfect, we would live in a fool’s paradise,” the prime minister said.
Prime Minister Shehbaz expressed his willingness to collaborate with all sectors for sustainable economic development, saying economic progress would require a collective effort.
The Prime Minister noted that the country had achieved economic stability and although there were still challenges ahead, Pakistan was moving in the right direction.
He assured that the country’s commitment to the International Monetary Fund (IMF) would be respected, 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 have been clearly set and will be achieved through diligent efforts. Prime Minister Shehbaz said interest rates had fallen to 13%, but he hoped for a further reduction to 6%.
The prime minister called on experienced economists to guide the country’s financial recovery and sought concrete recommendations for further improvements.
He stressed the need for the private sector to play a greater role in growing the economy, emphasizing the importance of increasing tax revenues.
A “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 difficulties faced in 2017 due to political instability and the economic downturn that followed. DPM Dar also highlighted the threat of economic collapse that countries across the world have been facing during the COVID-19 pandemic.
DPM Dar reassured business leaders not to sow despair, assuring them that “the future looks 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 foreign investors’ growing confidence in the nation.
Finance Minister Muhammad Aurangzeb also spoke at the event, highlighting the importance of the role of the stock market in boosting investor confidence in the economy.
FM Aurangzeb highlighted the progress made through the IMF agreement, which ensured economic stability, and noted that reforms in ailing public sector institutions were underway.
He also highlighted the digitalization efforts in 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. FM Aurangzeb stressed that the federal government’s efforts to reduce expenditure were also helping to improve economic conditions.
In his speech, the Minister of Finance highlighted that a reduction in the key rate had reduced the debt burden and interest payments.
