In an address to the nation, Pakistan's Prime Minister Shehbaz Sharif outlined a comprehensive plan to revitalize the nation's economy, reduce its reliance on external aid, and establish Pakistan as a regional economic powerhouse. Sharif's ambitious agenda, which he unveiled after his government's 100-day milestone, targets a fundamental shift in Pakistan's economic trajectory.
Ending Reliance on Foreign Assistance
Prime Minister Sharif declared that his administration is determined to break Pakistan's cycle of dependency on foreign aid and International Monetary Fund (IMF) bailouts. He expressed optimism that the ongoing negotiations with the IMF for a loan package of $6-8 billion would mark the final such agreement in Pakistan's history.
Sharif emphasized that every dollar acquired would be judiciously invested in the nation's progress and the well-being of its citizens. He drew inspiration from nations that have sought IMF assistance only once and never required it again.
Commitment to Fiscal Discipline and Economic Growth
Recognizing the need for prudent financial management, Prime Minister Sharif pledged to reduce government expenditures significantly. He vowed to eliminate unnecessary institutions and departments that burden the national budget without providing meaningful public services. This bold move, he asserted, would save billions in taxpayer funds and contribute to economic prosperity.
Sharif pointed to the Public Works Department (PWD) as a prime example of an inefficient and corrupt institution that would be dismantled. He further declared that the government would refrain from establishing or operating industries, instead partnering with the private sector to drive economic growth.
Reforming the Federal Board of Revenue
Acknowledging the significance of addressing corruption and inefficiency in tax collection, Prime Minister Sharif announced the complete digitization of the Federal Board of Revenue (FBR). He stated that incompetent personnel within the FBR had been replaced with more capable individuals to enhance revenue collection and combat tax evasion.
Combating Corruption and Economic Threats
Sharif emphasized the importance of combating corruption and economic sabotage in all its forms. He declared that terrorists, smugglers, power thieves, and tax evaders are enemies of the Pakistani economy. He called for collective action to eradicate these threats and ensure a level playing field for all economic actors.
Education and Youth Empowerment
Investing in the future of Pakistan's youth, Prime Minister Sharif pledged to provide education and skill development opportunities over the next five years. He expressed confidence that these initiatives would empower the younger generation to contribute meaningfully to the nation's economic growth.
Sacrifices and Collective Effort
Prime Minister Sharif acknowledged that the road to economic recovery would require sacrifices from both government personnel and the salaried class. However, he emphasized that his government was unwavering in its commitment to transforming Pakistan's economic landscape.
Early Signs of Progress
Sharif highlighted the early successes of his administration, including a decline in inflation from 38% to 12% and a reduction in interest rates on loans from 22% to 20.5%. He expressed optimism that these positive trends would continue in the coming months, leading to tangible improvements in the economy.
