Prime Minister Shehbaz Sharif has committed to eradicating terrorism from Pakistan to create a favorable environment for foreign investment, as his government marks its first anniversary in power. In a special address to the federal cabinet meeting in Islamabad, the Prime Minister emphasized unity and collaboration, urging the nation to work together instead of engaging in divisive politics.
Reflecting on the past year, PM Shehbaz highlighted the coalition government’s role in stabilizing the economy with the support of its allies. He lauded the cabinet members for their hard work, pointing to key achievements such as a significant drop in inflation and a reduction in the key policy rate.
The Prime Minister stressed that, when he assumed office a year ago, Pakistan was on the verge of bankruptcy. He criticized the opposition Pakistan Tehreek-e-Insaf (PTI) for attempting to block financial aid from international institutions, including the IMF.
Shehbaz also emphasized the government’s efforts to support the underprivileged, particularly during the holy month of Ramadan, announcing a Rs20 billion Ramadan package to assist 4 million deserving families. The package, which ensures direct assistance through digital wallets, aims to eliminate allegations of financial mismanagement that had previously plagued organizations like the Utility Stores Corporation.
Addressing the challenges ahead, the Prime Minister urged the nation to work towards making Pakistan a $1 trillion economy by 2035, stressing that a collective effort was key to overcoming the nation’s economic hurdles. He thanked coalition partners, including the PPP, MQM, BAP, and IPP, for their unwavering support during difficult times.
Shehbaz further pointed out the government’s focus on economic stability, including efforts to resolve the Rs400 billion tax cases and reduce the Rs850 billion losses incurred by state-owned enterprises. He stressed the need to end circular debt in the power sector to ensure long-term financial sustainability.
The Prime Minister also expressed optimism about the future, stating that Pakistan would emerge stronger through unity and collective efforts. He highlighted the importance of fostering a culture of forgiveness and tolerance in society, with the ultimate goal of ensuring national progress.
Additionally, Shehbaz announced a collaboration with China to launch Pakistan’s first joint astronaut mission, marking a significant step forward in the country’s space exploration ambitions.
Dar Blames Past Policies for Resurgence of Terrorism
Deputy Prime Minister and Foreign Minister Ishaq Dar also spoke at the cabinet meeting, reflecting on Pakistan’s economic journey. He recalled that during Nawaz Sharif’s tenure, Pakistan’s economy was ranked 24th globally, but upon taking office, the current government faced significant challenges. However, through solid economic policies and direction, Pakistan has regained stability.
Dar lamented that the reversal of Pakistan’s terrorism policies by previous opposition governments had allowed terrorists to regain a foothold in the country. He expressed confidence that the government’s “Azm-e-Istehkam” initiative would eliminate terrorism and restore peace.
The Deputy Prime Minister also highlighted investments from Saudi Arabia, UAE, Azerbaijan, and other countries, totaling over $20 billion, which he believes will significantly boost Pakistan’s economy. He also warned of the risks posed by climate change to the country’s future.
Finance Minister Highlights Economic Achievements
Finance Minister Muhammad Aurangzeb presented an overview of Pakistan’s economic progress, noting that the Pakistan Stock Exchange had witnessed a 71% return, and the current account surplus was the highest in the last two decades. He revealed that significant reforms were underway, including rightsizing 43 ministries and introducing pension reforms and agricultural tax for the first time.
Aurangzeb also highlighted a 26% increase in FBR revenue, along with the successful introduction of a faceless assessment system that boosted revenues by 60% in a short period. He stated that Pakistan’s international monetary partners had praised the government’s economic achievements.
Power Minister Briefs on Energy Reforms
Minister for Power Awais Ahmed Leghari briefed the cabinet about comprehensive reforms in the energy sector. These efforts resulted in a reduction of Rs151 billion in industrial cross subsidies, benefiting both consumers and industries. Additionally, the government is working to address the circular debt issue in the power sector while also focusing on solarizing tube wells in Balochistan to reduce energy losses.
As the government looks ahead to the future, PM Shehbaz Sharif’s call for unity, economic reforms, and the elimination of terrorism presents a path forward for Pakistan, aiming for a prosperous and secure nation.
