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After 100 days of rule, Pakistani Prime Minister Sharif pledges to cut deficit fat for economic recovery | Pakistan News

After 100 days of rule, Pakistani Prime Minister Sharif pledges to cut deficit fat for economic recovery |  Pakistan News
After 100 days of rule, Pakistani Prime Minister Sharif pledges to cut deficit fat for economic recovery |  Pakistan News

 


After 100 days of rule, Prime Minister Shehbaz Sharif on Saturday announced the removal of all loss-making institutions, ministries and departments in order to save taxpayers' rupee and put the cash-strapped country back on the path to economic prosperity .

We established a five-year plan and decided to close the ministries that have been draining the economy for years. The money saved will be used to repay our debts, Sharif said in a televised address to the nation, the first since he came to power after the controversial February 8 elections.

Sharif was sworn in on March 4 after forming a coalition with five other parties and foiling the chances of jailed former Prime Minister Imran Khan to stage a political comeback.

He also said it was his duty to eliminate these corrupt entities and said a committee had been set up for the purpose.

Stating that the government will save on expenses as much as possible and will not create more industries or participate in their management, Sharif said: “Instead, we will work with the private sector. He warned that the road ahead is not only long and difficult, but also requires sacrifices from government personnel and the working class, but his government is determined to bring about change. After his government was sworn in, Sharif claimed, inflation fell to 12 percent from 38 percent and interest rates on loans were reduced to 20.5 percent from 22 percent previously.

In a few months it will bear fruit and I will present the results to you. This step alone will save millions of rupees. God willing, within a month and a half there will be positive results to share with all of you, Sharif said.

The Prime Minister also recalled his recent trip to China, where deals worth millions of dollars were reached, and the United Arab Emirates, where millions of dollars were pledged. He listed the government's achievements in a little over three months, including 100 per cent digitalization of the Federal Board of Revenue (FBR) to improve its efficiency.

Earlier in the day, the government reduced electricity and gasoline prices. He said power prices of industries have been reduced by more than Rs 10 per unit, with a total cumulative impact of Rs 200 billion on industries to make industrial production competitive in the international market.

Sharif also expressed hope that Pakistan's current engagement with the International Monetary Fund would be the last and said: Inshallah, we will stand tall and surpass our neighboring countries in terms of economic activity. In his speech, Sharif also discussed the issue of Kashmir as well as the situation in Gaza.

Sources

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2/ https://indianexpress.com/article/pakistan/pakistan-pm-sharif-pledges-to-cut-loss-making-flab-for-economic-revival-9394985/

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