Riyadh: Prime Minister Shehbaz Sharif highlighted Pakistan’s commitment to implement deep-rooted structural reforms and meaningful austerity measures, expressing determination to address nation’s challenges amid challenging circumstances.

Speaking at plenary meeting of special World Economic Forum (WEF) session on theme of ‘Rejuvenating Growth’, he underscored urgent need to address revenue leakages, citing staggering loss of revenue due to systemic loopholes.

“Our revenue sector is in tatters and what we receive annually in revenue, we lose four times due to leakages in system. Unless we plug loopholes we will not recover from our problems in revenue collection,” he explained.

PM Shehbaz identified inflation and debt trap as critical concerns, describing latter as “Death trap.” “Unless we tackle these issues head-on, we cannot achieve sustainable economic growth,” he added.

Expressing gratitude for support from Saudi Arabia and UK, he acknowledged assistance in overcoming economic challenges, particularly in sectors like health and education. “Friend in need is friend indeed. We are grateful for unwavering support of our allies during these trying times,” he remarked.

Shehbaz lamented state of Pakistan’s power sector, citing widespread electricity theft and an elitist culture. He highlighted significant steps taken, including removal of underperforming high-level officers, based on credible agency input.

“We are committed to ensuring accountability and efficiency in our institutions,” he stated. Shehbaz Sharif said that peaceful Palestine is necessary for better future for entire globe as peace in world is linked with peace in Gaza. PM was of view that underdeveloped countries are suffering due to inflation in global market.

He cited conflict in Ukraine, which led to soaring commodity prices, hampering Pakistan’s ability to import vital raw materials. “We faced unprecedented challenges, but through resilience and cooperation, we will emerge stronger,” he asserted.

He outlined plans to promote agriculture through technology and maximise country’s mineral resources. “Our youth are our greatest asset and we must invest in their future,” he affirmed.

PM Shehbaz reiterated Pakistan’s potential for global recognition through hard work and collaborative efforts, stressing interdependence of nations in facing present challenges.

“Together, we can overcome any obstacle and build prosperous future for Pakistan and world,” he concluded.

Published in The Daily National Courier, April, 30 2024

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.