Prime Minister Shehbaz Sharif on Wednesday highlighted the need to meet International Monetary Fund (IMF) commitments, insisting that the government cannot say goodbye to the program yet.
While speaking to the business community at the Pakistan Stock Exchange, the prime minister said: “We need to fulfill the IMF commitments; we cannot just say dad goodbye (say goodbye) once we take off.
“We will say goodbye to them forever when the right time comes,” he said.
Regarding the role of the business community, the prime minister insisted that the government and business leaders needed to “build their relationship to achieve those goals”, giving the example of their fiscal targets.
“If we look at what the IMF declared [their target as]If the tax-GDP ratio is 10.6, we have reached 10.8,” he said. “It’s something to celebrate, but it’s not enough; this is just the beginning.”
The prime minister insisted that it was necessary to invest now and said that the interest rate of the State Bank of Pakistan (SBP) rose from a record level of 22 percent to 13 percent.
“Investors here say that there is still a difference of 8 points; I would like it to reach 6%,” he stressed, “but we have to do it with an alert mind, with prudence, so as not to get trapped in the crisis.” future.
“We have to act bravely but with caution,” he added. “Regarding that, how do we actualize export-led growth? Everyone says that growth should be driven by exports, that FDI [foreign direct investment] “It should be export-led so that the profits come in and the dollars are there so we can hold on to them – that’s all very well said, but I need tangible proposals on how to implement export-led growth.”
The prime minister compared Pakistan to Saudi Arabia “in a different context to the world,” highlighting that the country had mines and minerals, while Saudi Arabia had “black gold.”
Prime Minister Shehbaz insisted that the country had to move towards growth, adding that he was aware that critics often spoke of “the engine is running hot” and that “Pakistan is heading towards a boom-and-bust cycle once more” when it came to pursuing growth.
“Many experts have spoken and writers have written, but I invite you to come and tell us what other way is there?” he asked rhetorically.
Regarding privatization, the prime minister said that the privatization process has been completely transparent, citing the example of Pakistan International Airlines (PIA), which the government failed to privatize in the first attempt.
“The entire process was totally transparent just like the Islamabad airport which is about to be completed in the next few days and is 100% transparent,” he said.
Meanwhile, the KSE-100 index fell 1,904.23 points, or 1.64 percent, to settle at 114,148.45 points from the last close of 116,052.68.
Chief Minister Shehbaz arrived in Karachi on a day-long visit, where he was expected to hold meetings with the Sindh Chief Minister and the business community, state-owned enterprises Radio Pakistan reported.
On his arrival at Karachi’s Faisal Air Base, Sindh Governor Kamran Tessori and Chief Minister Murad Ali Shah welcomed him.
During his visit, the prime minister will tour Pakistan’s South Asia terminal at Karachi Port Trust, besides inaugurating the Federal Board of Revenue’s (FBR) Faceless Customs Assessment System there, which aims to bring transparency to clearance customs, according to the report. .
Additionally, the Prime Minister visited the Pakistan Stock Exchange (PSX), where he attended a ceremony honoring the exchange for being recognized as the second best performing stock exchange globally in 2024.
Prime Minister Shehbaz also participated as chief guest at the launch event of Clinical Practice Guidelines Manual of Agha Khan University.
