ISLAMABAD: Prime Minister Shehbaz Sharif hinted at taking ‘tough’ economic decisions to get country out of crises, ensuring to protect of downtrodden segments of society.

Addressing meeting of Apex Committee of Special Investment Facilitation Council (SIFC), he said burden of these ‘tough’ measures would primarily fall on ‘wealthy and elite’, with safeguards in place to protect interests of poor and vulnerable.

He said that International Monetary Fund concluded review for issuance of last tranche of $ 1.1 billion that hopefully be received by next month.

Lauding “Extraordinary efforts” of military leadership in ensuring success of platform and attracting foreign investors through streamlined processes, Prime Minister acknowledged provision of ‘single window’ facility to investors from foreign countries.

According to PM Shehbaz, Pakistan intends to begin new three-year agreement with IMF during which government would implement stringent policies aimed at implementing comprehensive structural changes throughout nation.

“We will succeed gradually in breaking begging bowl and coming out of debt trap with reforms,” he said. He sought support of all political parties and provincial governments to successfully implement agenda of macroeconomic stability in country.

“We all have to work together. With support of all provinces, we will together resolve all challenges and difficulties faced by country”, PM Shehbaz added.

He said that fact that Army Chief, all of chief ministers and other key national figures are present sent strong message to people of country that we are united for sake of nation’s progress, prosperity and integrity. He said that unfortunately, corruption consumes significant portion of nation’s resources.

Tax collection target for this year is Rs 9 trillion, yet there is over Rs 1.3 trillion in potential.  In similar vein, he said that matters involving taxes totaling Rs 2.7 trillion were still lingering in tribunals and courts when they ought to have been settled long ago.

Prime Minister stated that yearly power theft costs over Rs 400 billion and total circular debt for gas and electricity is more than Rs 5 trillion. PM Shahebaz said SIFC was formed in June 2023 to remove bottlenecks in investment process and since then nine meetings of Apex Committee have been held besides more than 200 relevant meetings.

Chief of Army Staff General Asim Munir, former caretaker Prime Minister Anwaarul Haq Kakar, CM Punjab Maryam Nawaz, CM Balochistan Sarfraz Bugti, CM Sindh Syed Murad Ali Shah and CM Khyber Pakhtunkhwa Ali Amin Gandapur attended meeting.

Published in The Daily National Courier, March, 22 2024

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