ISLAMABAD: Prime Minister Shehbaz Sharif commended the military’s role in eliminating smuggling from Afghanistan, which had driven up sugar prices. He noted that due to this crackdown, sugar prices had decreased and the country was even able to export surplus sugar.

Addressing the federal cabinet yesterday, he credited the reduction in sugar prices to the elimination of smuggling into Afghanistan and noted that without smuggling, there was sufficient surplus sugar for export, unlike in previous decades when smuggling was rampant.

He stressed that enforcement was crucial for achieving these results, citing the export of 790,000 tons of sugar this year, which was done cautiously to prevent any price hikes. He estimated that the revenue from these exports could have contributed approximately $5 billion.

The PM urged the Federal Board of Revenue (FBR) to adopt a similar approach for tackling smuggling and boosting the economy. Regarding the recent lifting of the European Union’s ban on Pakistan International Airlines (PIA), the PM credited Khawaja Saad Rafique for his efforts in resolving the issue and described it as a significant victory.

He pointed out that a misleading statement by a former minister about fake pilots had led to significant financial losses and hindered PIA’s privatization efforts.

Furthermore, criticising the Pakistan Tehreek-e-Insaf (PTI) for damaging the country’s reputation through unlawful tactics, the PM said the recent protests led to economic instability, but the market has recovered.

He praised that inflation has decreased to its lowest level in 70 months, which will ease the burden on the common man while stressing that it is expected to decline further, but the decision rests with the State Bank of Pakistan. He condemned the chaos caused by the PTI protests, particularly in Islamabad, where widespread destruction occurred, and law enforcement personnel were martyred.

He accused the protesters of disrespecting the country through their unlawful actions. He noted that once the protests ended and actions were taken against them, the market rebounded, recovering its losses and gaining further. This, he said, demonstrated that economic stability fosters growth.

He also praised efforts that led to a decrease in inflation, calling it a result of teamwork, which has brought relief to the public. He compared the current inflation rate of 4.9% to 3.5% during Nawaz Sharif’s tenure, indicating a significant improvement.

Highlighting the importance of positive trends for rapid progress in the country’s economy, he said that growth should be the focus moving forward and highlighted the need to boost GDP while meeting all economic targets through teamwork.

Published in The Daily National Courier, December, 03 2024

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