Pakistan economically out of the woods: PM

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif, Saturday, said that due to untiring efforts of the incumbent government and its economic team, Pakistan was economically out of the woods as its mega indicators were wonderful.

The prime minister said when they took over the reins of the government, the national economy was in a very difficult situation. “We were on the verge of financial default. Inflation was galloping and policy rate was crippling. So one could not imagine any kind of investment in Pakistan, let alone FDIs. The business in the country was in a turmoil. But we did not lose hope,” he said while addressing the launching ceremony of National Regulatory Reforms.

Of course, he said, those were very scary challenges, right looking into their faces, but through outstanding teamwork, excellent planning and untiring efforts, the country was out of the economic woes.

He further underlined the need of spilling blood and sweat to achieve the set targets and converting dreams into reality. “And this was the commitment, unwavering determination to walk on that very difficult path in the last one and a half years. And here we are. Today, Alhamdulillah, we are now discussing how to move forward and grow our economy,” he observed.

The prime minister also referred to the news about IMF approving Pakistan’s $1.2 billion tranche.

The prime minister said that earlier, industrialists, businessmen and every walk of life had been suffering immensely at the hands of very cumbersome rules and regulations and procedures and that had really given a severe blow to the overall economic environment. They were working on to have foreign investment in very attractive areas of mutual benefits for countries in Pakistan, agriculture, IT, mines and minerals, he added.

“We have a very young population, youth bulge. We are offering them vast opportunities for vocational training and with international certification. They will find productive jobs not only in Pakistan but abroad, making Pakistan richer and prosperous.”

Terming the launch of the regulatory framework as ‘a quantum jump,’ he said this would facilitate the business community, industry, agriculture, FDIs from Europe, from Far East, from Middle East, adding this would also take care of immense waste of time and resources which led to corruption and nepotism.

“So I think today is a great day that we are able to now announce and let the nation know, 240 million people, that the government is fully aware of the challenge of the day and ready to walk with them with the speed they want us to walk,” he added.

The prime minister also commended the relevant team of federal government that worked in coordination with provincial governments. He also thanked the British government along with International Development UK for their support. The prime minister said the UK had been a great partner in the progress of Pakistan, like many other friends of Pakistan in the Middle East, Saudi Arabia, etc. He said Pakistan had wonderful relations with the United States and they were looking forward to a wonderful time of mutual cooperation. Speaking on the occasion, PM’s Special Assistant Haroon Akhtar said today marked more than a policy moment as it marked the turning of the page. Among the many reforms the government was undertaking, one stood out as foundational; the transformation of Pakistan from a regulatory state into a developmental state.

He said the regulatory reform was not an isolated effort. It was part of a wider transformation guided by three pillars: tariff rationalization, regulatory modernisation and export-led industrial revival. Under the new national tariff policy, they were moving towards predictability, competitiveness and phasing out of arbitrary duties, he added.

Baroness Jenny Chapman, UK’s Minister of State for International Development, in her remarks, also highlighted the full potential, prospects of entrepreneurship, availability of natural resources and Pakistan’s place at the center of global trade.

Terming the reforms a positive achievement, she said these were the ambitions for the UK and Pakistan that they shared. “The links between our people play a huge part in the flow of trade and investment between our two countries as well. Trade is now at 5.5 billion pounds a year. We’ve got a new trade dialogue and we’re supporting Pakistan’s efforts to work with the 1.6 million strong Pakistani diaspora in the UK to unlock private capital,” the Baroness added.