Economy direly needs reforms: Shehbaz

F.P. Report

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Saturday said that the country’s economy direly needed reforms, which in turn, could be undertaken in a stable political environment as the economic development was intrinsically linked to political stability.

On his Twitter handle, the prime minister stressed “It is here that the Charter of Economy appears to be the only way forward for our political parties to achieve prosperity for our people.” The prime minister in a lengthy tweet referred to the laying of the fiscal budget 2023-24 said that it represented the beginning of the process to fix the economy’s long-term ailments. The coalition government had prioritized the right areas that have the potential to spur economic growth, attract investment and make the economy self-sufficient, he added.

The prime minister said the making of budget (FY2023-24) was particularly a difficult task in view of the persistent challenges arising out of the floods-related relief and rehabilitation, global supply chain disruptions and geostrategic upheavals. “Never-ending headwinds of political instability created by Imran Niazi damaged the economy and created uncertainty, as the country remained on the boil for well over a year,” he regretted.

Mindful of the impact of inflation, the prime minister said the government provided relief to the public sector employees and pensioners in the form of pay raise of up to 35% and 17.5% respectively, and increased minimum wage to Rs32000. He said a more balanced budget that levied no new tax could not have been possible within the existing constraints. The prime minister also commended all those who remained part of this exercise and played their role in the budget-making exercise.
Pakistan highly values its bilateral ties with Kazakhstan: Prime Minister Muhammad Shehbaz Sharif underscored that Pakistan deeply valued its bilateral relations with Kazakhstan.

The prime minister held a telephonic conversation with President Kassym-Jomart Tokayev of Kazakhstan. Highlighting the importance of increasing tourism and enhancing people to people contacts, the prime minister expressed satisfaction that flight operations between two countries would commence soon, PM Office Media Wing said in a press release. The two leaders agreed on the need to further expand bilateral cooperation in the fields of energy, agriculture, IT, textiles, and energy. Characterizing Pakistan as an important country in the region, the Kazakh president expressed his country’s desire to further strengthen their long standing bilateral ties. The prime minister also invited the Kazakh president to pay an official visit to Pakistan at his earliest convenience.

Meanwhile, Former MPAs, Mian Marghoob Ahmad and Mian Mujtaba Shuja ur Rehman also called on Prime Minister Muhammad Shehbaz Sharif. During the meeting, they discussed the current political situation, PM Office Media Wing said in a press release.

The political leaders also called on Prime Minister Shehbaz Sharif and discussed the current political situation in the country. The leaders who held separate meetings with the prime minister included former members National Assembly Sardar Ghulam Abbas, Abdul Ghaffar Dogar and former provincial assembly member Mehwish Sultana.

PM briefed about LESCO solarization projects: Chairman Lahore Electric Supply Company (LESCO) Hafiz Nauman called on Prime Minister Shehbaz Sharif here on Saturday.

Hafiz Nauman briefed the prime minister about the power supply and demand situation and steps taken by LESCO to stop theft of electricity. He also informed the PM about the projects of solarization in the jurisdiction of LESCO especially the solarization of grid stations.