Hope rising again for Pakistan after disappointments, says PM Shehbaz

Shehbaz Sharif says country put on path of development n Calls for united efforts for next 15 years to address country’s economic woes n Felicitates nation on extraordinary surge of 2,231 points at PSX n Appreciates COAS General Asim Munir for making efforts to bring in $3b from Saudi Arabia, UAE n Demands immediate action against perpetrator of holy Quran’s burning in Sweden.

 

ISLAMABAD  -  Prime Minister Sheh­baz Sharif Monday said termed the IMF agree­ment as a breather and a moment of concern and urged all the na­tional institutions to make concerted efforts to rid the country of loans and put it on the course to progress.

The prime minister, in his remarks at the Federal Cabinet meet­ing chaired by him, said while remaining in their respective ju­risdictions, the insti­tutions should make a united effort for at least next 15 years to address the country’s economic woes. He said Pakistan's deliverance from loans required a vision, unity, hard work and sacrifice by the af­fluent people.

“If we opt this course, no one can stop the country from achieving progress,” he remarked. The prime minister thanked his all cabinet members, particular­ly Finance Minister Ish­aq Dar and his team and Foreign Minister Bilaw­al Bhutto Zardari, and the Managing Director of International Mone­tary Fund (IMF) for their respective roles to help Pakistan achieve the nine-month stand-by agreement of $3 billion.

“I pray that this is the last IMF deal. But this is easier said than done,” he comment­ed and mentioned that the state-owned enter­prises like the Pakistan Steel Mills, Pakistan In­ternational Airlines and others were eating up around Rs600 billion annually.

He said under the IMF deal, Pakistan would receive the first install­ment of $1.1 billion in July. He also thanked UN Secretary-General Anto­nio Guterres for his role in the IMF agreement and offering his further role in the process, if needed. The prime minister spoke high of the Chinese sup­port during last three months by rolling over $5 billion of sov­ereign and commercial banks loans, which was unprecedent­ed. He said the situation would have been different, if China had not made the rollover. “The peo­ple of Pakistan should never for­get this,” he remarked.

Similarly, the prime minister also thanked Saudi Arabia for committing $2 billion, and the United Arab Emirates and Is­lamic Development Bank for $1 billion each for Pakistan.

Calling it teamwork, he par­ticularly appreciated the role of Chief of the Army Staff Gen­eral Asim Munir for his efforts to bring in the support of to­tal $3 billion from Saudi Ara­bia and the UAE. Prime Min­ister Shehbaz said during the remaining 40-42 days of the government’s term, the cabi­net members should make ef­forts to leave behind a policy framework providing a road­map and a vision for future de­velopment.

He said the whole Muslim Um­mah, including the government and the people of Pakistan, strongly condemned another incident of burning a copy of the Holy Quran in Sweden.

“We demand immediate ac­tion against the perpetrator. Un­fortunately, this is not the first time as a similar incident had also taken place in the past,” he remarked.

He also demanded of the Swedish government to take notice of the Islamophobic and hateful narrative against the Muslim population in their country. Prime Minister Sheh­baz appreciated the Organisa­tion of Islamic Cooperation for convening an urgent meeting on the issue and said Pakistan endorsed their meeting and de­cision, with a hope that such Is­lamophobic incidents did not recur in the future.

The federal cabinet was briefed about the salient fea­tures of the $3 billion deal with the International Monetary Fund on Monday. The prime minister said a comprehensive solid waste management sys­tem for the Islamabad Capital Territory should be introduced.

He instructed that under the solid waste management pro­gramme, responsibility should be given to companies which had experience in disposing off harmful and toxic waste in hos­pitals in Islamabad.

The cabinet in principle ap­proved sending of the Islam­abad Capital Territory Solid Waste Bill to the Cabinet Com­mittee for Legislative Cases (CCLC). It was given a detailed briefing about the solid waste management in Islamabad. On the recommendation of Minis­try of Commerce, the cabinet al­lowed transit of a container of spare parts of vehicles from Ka­rachi to Kabul. The spares parts would be for the vehicles of World Food Programme which was continuing its operation to provide food to Afghanistan.

On the recommendation of Ministry of Federal Education and Professional Training, the cabinet approved in principle the Higher Education Commis­sion Amendment Bill 2023. The approval of the amendment bill would bring innovation in the system of higher education ac­cording to the requirements of present era. On the recommen­dation of the Education Minis­try, the cabinet also sanctioned the Federal Urdu Universi­ty for Arts, Science and Tech­nology Amendment Bill 2023. The amendment would bring reforms in the university and promote research. On the rec­ommendation of the Education Ministry, it also approved the National Commission for Hu­man Development Amendment Ordinance 2002. The drafts of above three laws would be for­warded to the CCLC. The cabinet also sanctioned sending of the Private Security Services Regu­latory Bill to the CCLC.

Under the bill, a Private Se­curity Services Regulatory Au­thority would be established to oversee the security system. It also approved legislation for establishing the Pakistan Land Port Authority, however, it di­rected that after consultation with the Ministry of Commerce the draft legislation should be sent to the CCLC.

‘Unprecedented surge of PSX’

Prime Minister Shehbaz Sharif on Monday felicitated the busi­ness community and the nation on the unprecedented surge of the Pakistan Stock Exchange (PSX). He said as a result of the staff-level agreement and a $3 billion standby arrangement with the International Mone­tary Fund (IMF), the trust of in­vestors and the business com­munity was rapidly reviving.

After Pakistan’s agreement with the IMF, the Pakistan Stock Exchange (PSX) opened with a surge of 5.38%, or 2,231 points on Monday. The PSX benchmark rose to 43,684 points in the opening session.

In a statement issued by the PM Office, Shehbaz Sharif said the government’s continued struggle and prudent policies had started bearing fruits as signs of the country’s economic revival were rising. 

We are resuming the journey of economic development and a decline in the inflation rate from the point where Quaid Muham­mad Nawaz Sharif had left. 

Thank God, the country has been put on the path of develop­ment again, he said adding that after severe disappointments, a new sun of hope is rising again. 

Praying to Allah Almighty for further successes on the econom­ic front, the prime minister said the seeds of Pakistan’s develop­ment had started taking root as a result of the government’s sin­cere efforts, honesty and truth. He said the government once again had embarked upon Qa­uid Muhammad Nawaz Sharif’s vision of construction, develop­ment and people’s welfare. 

He said just as between 2013 and 2018 the PML-N govern­ment succeeded to free Pakistan from the energy crisis, terror­ism and other problems, bring­ing economic development, it would bring Pakistan on the path of development and pros­perity with the same spirit. 

Shehbaz Sharif vowed to con­tinue the journey of economic stability and national develop­ment with the same direction, spirit and struggle. 

“Under the leadership of Mu­hammad Nawaz Sharif, just as China Pakistan Economic Cor­ridor (CPEC) was launched, the economy revived, the infla­tion rate kept at around 4%, the growth rate brought to 6.1% and the policy rate was kept at 6%, we are coming back again to same journey of develop­ment,” he added.