ISLAMABAD: Prime Minister Shehbaz Sharif has promised to end Pakistan's dependence on foreign aid and IMF bailout and overtake neighboring countries in economic activity, as he pledged to reduce the cash-strapped government's expenses and revive the economy. Has outlined a series of bold reforms to.
Sharif addressed the nation on Saturday and expressed hope that the next agreement with the International Monetary Fund (IMF) for a bailout package would be the last in Pakistan's history.
The Pakistan government is currently in talks with the IMF for a loan estimated at between USD 6 billion to USD 8 billion, as it attempts to prevent a default in the slowing economy.
Sharif stressed that every penny would be spent on the progress of the country and its people.
He expressed a commitment to reduce expenses and provide education and skills to the youth within five years.“Inshallah, this will be the last IMF program in the history of Pakistan. We will stand on our own feet and overtake our neighbors in economic activity,” he said in a televised address.
Sharif was addressing the nation on completion of 100 days of his government's rule.
Sharif was sworn in on March 4 after forming an alliance with five other parties and thwarting the prospects of jailing former Prime Minister Imran Khan for a political comeback.
Sharif said that there are countries in the world which once sought assistance from the IMF and never needed it again.He said, "We have approached the IMF 24 to 25 times. I assure you today that if we follow our program and goals, the next IMF agreement will be the last in the history of Pakistan."
He said, "I informed foreign countries that I have come here for trade relations, not to ask for loans. I believe that in this way Pakistan will break the debt cycle."
Sharif highlighted the importance of taking tough decisions for the sake of the nation.He vowed to abolish all institutions, ministries and other departments that burden the national exchequer and have nothing to do with public service, stressing that this move alone would save taxpayers billions and Prosperity will get a boost.
"It is the prime responsibility of the government to stop all wasteful expenditure and close those institutions which are not serving the public in any way," he said.
"One such department is the Public Works Department (PWD). It is known as the "most notorious" in terms of corruption," the Prime Minister said.
Announcing that the government would save on expenses wherever possible and would not set up more industries or get involved in running them, Sharif said, "Instead, we will work with the private sector.,
He warned that the road ahead is not only "long and difficult" and "demands sacrifices" from both government employees and the salaried class, but said his "government is committed to bringing about change."
After his government was sworn in on March 4, Sharif claimed that inflation had dropped from 38 percent to 12 percent and interest rates on loans had dropped to 20.5 percent from the previous 22 percent.
“In a few months, it will bear fruit, and I will present the results. This step alone will save lakhs 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 highlighted the need to tackle corruption and inefficiency, especially in the Federal Board of Revenue (FBR), which is being 100% digitalised."Incompetent people have been sidelined in FBR and better and capable people have been brought forward," he said.
Sharif called for collective efforts to achieve these goals.
He said, “Every terrorist, smuggler, electricity thief and tax evader is an enemy of the economy."
Sharif addressed the nation on Saturday and expressed hope that the next agreement with the International Monetary Fund (IMF) for a bailout package would be the last in Pakistan's history.
The Pakistan government is currently in talks with the IMF for a loan estimated at between USD 6 billion to USD 8 billion, as it attempts to prevent a default in the slowing economy.
Sharif stressed that every penny would be spent on the progress of the country and its people.
He expressed a commitment to reduce expenses and provide education and skills to the youth within five years.“Inshallah, this will be the last IMF program in the history of Pakistan. We will stand on our own feet and overtake our neighbors in economic activity,” he said in a televised address.
Sharif was addressing the nation on completion of 100 days of his government's rule.
Sharif was sworn in on March 4 after forming an alliance with five other parties and thwarting the prospects of jailing former Prime Minister Imran Khan for a political comeback.
Sharif said that there are countries in the world which once sought assistance from the IMF and never needed it again.He said, "We have approached the IMF 24 to 25 times. I assure you today that if we follow our program and goals, the next IMF agreement will be the last in the history of Pakistan."
He said, "I informed foreign countries that I have come here for trade relations, not to ask for loans. I believe that in this way Pakistan will break the debt cycle."
Sharif highlighted the importance of taking tough decisions for the sake of the nation.He vowed to abolish all institutions, ministries and other departments that burden the national exchequer and have nothing to do with public service, stressing that this move alone would save taxpayers billions and Prosperity will get a boost.
"It is the prime responsibility of the government to stop all wasteful expenditure and close those institutions which are not serving the public in any way," he said.
"One such department is the Public Works Department (PWD). It is known as the "most notorious" in terms of corruption," the Prime Minister said.
Announcing that the government would save on expenses wherever possible and would not set up more industries or get involved in running them, Sharif said, "Instead, we will work with the private sector.,
He warned that the road ahead is not only "long and difficult" and "demands sacrifices" from both government employees and the salaried class, but said his "government is committed to bringing about change."
After his government was sworn in on March 4, Sharif claimed that inflation had dropped from 38 percent to 12 percent and interest rates on loans had dropped to 20.5 percent from the previous 22 percent.
“In a few months, it will bear fruit, and I will present the results. This step alone will save lakhs 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 highlighted the need to tackle corruption and inefficiency, especially in the Federal Board of Revenue (FBR), which is being 100% digitalised."Incompetent people have been sidelined in FBR and better and capable people have been brought forward," he said.
Sharif called for collective efforts to achieve these goals.
He said, “Every terrorist, smuggler, electricity thief and tax evader is an enemy of the economy."
