Prime Minister Attributes Country’s Economic Stability to Teamwork .

Prime Minister Attributes Country’s Economic Stability to Teamwork ………………
..(Asghar Ali Mubarak).
Following the achievement of economic stability in Pakistan, the Federal Government’s primary focus has shifted from traditional consumption-based models toward sustainable, export-led economic growth and the robust encouragement of the private sector.
According to a recent address by Prime Minister Muhammad Shehbaz Sharif, the economic stability attained in the country is the result of teamwork and the sustained, collective efforts of political and financial leadership. The national economy now requires sustainable development rooted in industrialization, increased exports, and job creation. The government’s next objective is to transform this stability into long-term economic growth.
Under this framework for collective and sustainable development, work is underway on the following key priorities:

Teamwork and Continued Reforms: Commending the economic team—comprising the Ministry of Finance, Cabinet members, and the Federal Board of Revenue (FBR)—the Prime Minister emphasized that the successful implementation of reforms and fiscal discipline form the foundation of the economy’s recovery.
Promotion of Industrialization and the Construction Sector: Special emphasis is being placed on the development of industrialization and the construction sector to ensure a sustainable national economy and generate large-scale employment opportunities.
The Pivotal Role of the Private Sector and Investors: At this stage of economic recovery, the government identifies the private sector as the “engine of the economy,” and is actively fostering an environment highly conducive to both domestic and foreign investment. • Ending the ‘boom-and-bust’ cycle: The government is striving for economic growth that is driven by exports rather than reliance on imports, ensuring that the country does not once again fall victim to balance-of-payments crises or the economic volatility experienced in the past.
Overall, the government is committed to advancing these collective efforts—in collaboration with all stakeholders and the business community—so that Pakistan may emerge on the global stage as a robust and self-reliant economy.Government leadership—including Federal Minister for Finance Muhammad Aurangzeb, Federal Minister for Planning Ahsan Iqbal, and Minister of State Bilal Azhar Kayani—has reiterated its commitment to the ongoing, accelerated implementation of structural reforms aimed at establishing the country on a sustainable foundation.
Under this policy, the government is focusing on the following key measures and priorities:
Continuation of Structural Reforms: The government is implementing fundamental structural reforms, including modernizing the tax system, improving the energy sector, privatizing state-owned enterprises, and instilling fiscal discipline in public finance.
Expanding the Export Base and Value Addition: To ensure a sustainable economy, the export base is being broadened. This involves enhancing product quality and providing a special impetus to exports in sectors such as technology, agriculture, textiles, and information technology (IT)—including digital services.
Private Sector-Led Growth and Investment: The state’s active role in the economy is being curtailed to allow the private sector to take the lead. Policy continuity is being ensured—informed by the recommendations of the business community and exporters—to foster a favorable environment for both domestic and foreign investment.
Transitioning Toward Macroeconomic Stability: Having moved past the risk of economic default, Pakistan has reduced its fiscal deficit to a 22-year low and achieved a primary budget surplus. The government’s current objective is to translate this stability into economic growth that is driven by exports and generates employment. The government’s ultimate objective is to transition Pakistan from an economy reliant on import substitution to a globally competitive one, capable of manufacturing products that meet international market demand. Federal Minister for Finance and Revenue, Muhammad Aurangzeb, stated that the implementation of structural reforms to ensure economic stability is underway. The government’s focus remains on sustainable, export-led economic growth, improving the tax system, reducing energy costs, and encouraging the private sector. He noted that in the current fiscal year, IT exports are projected to reach $5.5 billion and remittances $44 billion, while the country’s foreign exchange reserves are sufficient to cover more than three months of imports. Addressing an event at a private university, the Finance Minister emphasized that Pakistan must move beyond its historical “boom-and-bust” economic cycle and adopt a growth trajectory that creates employment opportunities and ensures the benefits of economic progress reach the general public. He explained that excessive reliance on imports has previously led to balance-of-payments crises, from which it took four to five years to stabilize the economy. To avoid such scenarios, it is essential to boost exports, enhance productive capacity, and strengthen the economic foundation. Muhammad Aurangzeb highlighted that, as a result of sustained efforts, Pakistan’s credit rating has improved three times since April of last year. Furthermore, steps have been taken to facilitate access to global financial markets. In April of this year, Pakistan conducted a private placement, advanced efforts to access global markets through the issuance of ‘Panda bonds,’ and issued bonds worth three billion euros in the first week of September. He noted that investor orders for these Pakistani Eurobonds were double the volume actually issued, with interest shown by investors from Asia, the Middle East, Europe, and the United States. The Finance Minister stated that Pakistan’s foreign exchange reserves are currently at the highest level in the country’s history—sufficient to cover more than three months of imports—whereas, in the past, these reserves had dwindled to a level covering only two weeks of imports. He added that global investors are now evaluating Pakistan’s economic situation in the context of the ongoing IMF program. Since Pakistan’s current IMF program is set to conclude in October next year, the implementation of reforms remains essential to maintaining economic stability, boosting investor confidence, and ensuring policy continuity. He mentioned that the government is taking steps to improve the tax system, expand the tax base, and promote exports. Measures to boost exports include the abolition of the ‘super tax’ and a reduction in tax slabs; furthermore, the budget includes a provision to provide loans to exporters at an interest rate of 4.5 percent. He emphasized that reducing tariffs and energy costs is vital for enhancing competitiveness in regional markets, noting that discussions have also taken place regarding the provision of additional electricity to industries at a rate of approximately 23 rupees per unit. Muhammad Aurangzeb stated that Pakistan requires an economic growth model that not only drives investment and production but also generates new employment opportunities. An economic growth rate of merely seven to eight percent is not sufficient; it is also essential that the benefits of this growth reach the general public and lead to an improvement in their standard of living. He stated that the government aims to promote economic activity by encouraging the private sector, providing facilities to investors, and improving the business environment. The Finance Minister noted that Pakistan’s IT service exports have grown from $1 billion to $4.6 billion, and are expected to reach $5.5 billion during the current fiscal year . Pakistan’s youth—particularly freelancers—are providing IT services to global markets while working from home, with freelancers contributing approximately $1.6 billion to IT exports. According to the Finance Minister, the growth of the digital economy offers significant opportunities for generating foreign exchange, creating employment, and enhancing Pakistan’s competitiveness in global markets. Remittances are expected to reach $44 billion in the current fiscal year; despite concerns that regional conflicts might lead to a decline, they have instead increased. He noted that funds sent by overseas Pakistanis play a vital role in the national economy and the availability of foreign exchange. Regarding the energy situation, the Finance Minister stated that, despite regional conflicts, Pakistan has avoided energy shortages, and there have been no long queues at petrol pumps. The supply of energy sources—including crude oil—remains satisfactory, with adequate arrangements in place to meet requirements through November, while planning for the winter season is also underway. He emphasized that timely measures must be taken to meet gas and Liquefied Natural Gas (LNG) requirements, ensuring that domestic and industrial consumers do not face difficulties. Regarding the provision of relief to the public, Muhammad Aurangzeb stated that the government has shifted from general subsidies to targeted subsidies, ensuring that assistance reaches those who are truly in need. He stated that targeted subsidies were provided for motorcycles, three-wheeled vehicles, and vehicles with engines smaller than 800cc. To date, 12 million (1.2 crore) unique individuals have benefited from this initiative, with a total of approximately 40 to 50 million (4 to 5 crore) people deriving benefit from this relief. Through targeted assistance, limited government resources can be directed toward those who need them most. Identifying climate change and rapid population growth as major challenges for Pakistan, the Finance Minister noted that the country’s annual population growth rate is approximately 2.55 percent; if this current pace continues, the population could reach 390 million (39 crore). He warned that a growing population could exert pressure on education, healthcare, employment, and other essential services, necessitating long-term planning and structural reforms. He pointed out that countries like Bangladesh, Indonesia, and Iran have successfully reduced their population growth rates to below one percent over the course of a decade. Pakistan, too, must take steps to promote women’s education, increase their participation in the workforce, and raise public awareness. He noted that women’s labor force participation in Pakistan stands at approximately 22.7 percent; increasing this figure could bolster the country’s productive capacity and economic growth. Muhammad Aurangzeb remarked that the global economy is currently facing uncertainty, and regional conflicts could impact the prices of essential commodities as well as energy supplies. Under these circumstances, it is imperative for Pakistan to maintain the momentum of economic reforms, expand exports, encourage private investment, and strengthen fiscal discipline. Doing so will help establish the economy on a sustainable foundation and pave the way for employment-friendly growth.

Teamwork and Continued Reforms: Commending the economic team—comprising the Ministry of Finance, Cabinet members, and the Federal Board of Revenue (FBR)—the Prime Minister emphasized that the successful implementation of reforms and fiscal discipline form the foundation of the economy’s recovery.
Promotion of Industrialization and the Construction Sector: Special emphasis is being placed on the development of industrialization and the construction sector to ensure a sustainable national economy and generate large-scale employment opportunities.
The Pivotal Role of the Private Sector and Investors: At this stage of economic recovery, the government identifies the private sector as the “engine of the economy,” and is actively fostering an environment highly conducive to both domestic and foreign investment. • Ending the ‘boom-and-bust’ cycle: The government is striving for economic growth that is driven by exports rather than reliance on imports, ensuring that the country does not once again fall victim to balance-of-payments crises or the economic volatility experienced in the past.
Overall, the government is committed to advancing these collective efforts—in collaboration with all stakeholders and the business community—so that Pakistan may emerge on the global stage as a robust and self-reliant economy.Government leadership—including Federal Minister for Finance Muhammad Aurangzeb, Federal Minister for Planning Ahsan Iqbal, and Minister of State Bilal Azhar Kayani—has reiterated its commitment to the ongoing, accelerated implementation of structural reforms aimed at establishing the country on a sustainable foundation.
Under this policy, the government is focusing on the following key measures and priorities:
Continuation of Structural Reforms: The government is implementing fundamental structural reforms, including modernizing the tax system, improving the energy sector, privatizing state-owned enterprises, and instilling fiscal discipline in public finance.
Expanding the Export Base and Value Addition: To ensure a sustainable economy, the export base is being broadened. This involves enhancing product quality and providing a special impetus to exports in sectors such as technology, agriculture, textiles, and information technology (IT)—including digital services.
Private Sector-Led Growth and Investment: The state’s active role in the economy is being curtailed to allow the private sector to take the lead. Policy continuity is being ensured—informed by the recommendations of the business community and exporters—to foster a favorable environment for both domestic and foreign investment.
Transitioning Toward Macroeconomic Stability: Having moved past the risk of economic default, Pakistan has reduced its fiscal deficit to a 22-year low and achieved a primary budget surplus. The government’s current objective is to translate this stability into economic growth that is driven by exports and generates employment. The government’s ultimate objective is to transition Pakistan from an economy reliant on import substitution to a globally competitive one, capable of manufacturing products that meet international market demand. Federal Minister for Finance and Revenue, Muhammad Aurangzeb, stated that the implementation of structural reforms to ensure economic stability is underway. The government’s focus remains on sustainable, export-led economic growth, improving the tax system, reducing energy costs, and encouraging the private sector. He noted that in the current fiscal year, IT exports are projected to reach $5.5 billion and remittances $44 billion, while the country’s foreign exchange reserves are sufficient to cover more than three months of imports. Addressing an event at a private university, the Finance Minister emphasized that Pakistan must move beyond its historical “boom-and-bust” economic cycle and adopt a growth trajectory that creates employment opportunities and ensures the benefits of economic progress reach the general public. He explained that excessive reliance on imports has previously led to balance-of-payments crises, from which it took four to five years to stabilize the economy. To avoid such scenarios, it is essential to boost exports, enhance productive capacity, and strengthen the economic foundation. Muhammad Aurangzeb highlighted that, as a result of sustained efforts, Pakistan’s credit rating has improved three times since April of last year. Furthermore, steps have been taken to facilitate access to global financial markets. In April of this year, Pakistan conducted a private placement, advanced efforts to access global markets through the issuance of ‘Panda bonds,’ and issued bonds worth three billion euros in the first week of September. He noted that investor orders for these Pakistani Eurobonds were double the volume actually issued, with interest shown by investors from Asia, the Middle East, Europe, and the United States. The Finance Minister stated that Pakistan’s foreign exchange reserves are currently at the highest level in the country’s history—sufficient to cover more than three months of imports—whereas, in the past, these reserves had dwindled to a level covering only two weeks of imports. He added that global investors are now evaluating Pakistan’s economic situation in the context of the ongoing IMF program. Since Pakistan’s current IMF program is set to conclude in October next year, the implementation of reforms remains essential to maintaining economic stability, boosting investor confidence, and ensuring policy continuity. He mentioned that the government is taking steps to improve the tax system, expand the tax base, and promote exports. Measures to boost exports include the abolition of the ‘super tax’ and a reduction in tax slabs; furthermore, the budget includes a provision to provide loans to exporters at an interest rate of 4.5 percent. He emphasized that reducing tariffs and energy costs is vital for enhancing competitiveness in regional markets, noting that discussions have also taken place regarding the provision of additional electricity to industries at a rate of approximately 23 rupees per unit. Muhammad Aurangzeb stated that Pakistan requires an economic growth model that not only drives investment and production but also generates new employment opportunities. An economic growth rate of merely seven to eight percent is not sufficient; it is also essential that the benefits of this growth reach the general public and lead to an improvement in their standard of living. He stated that the government aims to promote economic activity by encouraging the private sector, providing facilities to investors, and improving the business environment. The Finance Minister noted that Pakistan’s IT service exports have grown from $1 billion to $4.6 billion, and are expected to reach $5.5 billion during the current fiscal year . Pakistan’s youth—particularly freelancers—are providing IT services to global markets while working from home, with freelancers contributing approximately $1.6 billion to IT exports. According to the Finance Minister, the growth of the digital economy offers significant opportunities for generating foreign exchange, creating employment, and enhancing Pakistan’s competitiveness in global markets. Remittances are expected to reach $44 billion in the current fiscal year; despite concerns that regional conflicts might lead to a decline, they have instead increased. He noted that funds sent by overseas Pakistanis play a vital role in the national economy and the availability of foreign exchange. Regarding the energy situation, the Finance Minister stated that, despite regional conflicts, Pakistan has avoided energy shortages, and there have been no long queues at petrol pumps. The supply of energy sources—including crude oil—remains satisfactory, with adequate arrangements in place to meet requirements through November, while planning for the winter season is also underway. He emphasized that timely measures must be taken to meet gas and Liquefied Natural Gas (LNG) requirements, ensuring that domestic and industrial consumers do not face difficulties. Regarding the provision of relief to the public, Muhammad Aurangzeb stated that the government has shifted from general subsidies to targeted subsidies, ensuring that assistance reaches those who are truly in need. He stated that targeted subsidies were provided for motorcycles, three-wheeled vehicles, and vehicles with engines smaller than 800cc. To date, 12 million (1.2 crore) unique individuals have benefited from this initiative, with a total of approximately 40 to 50 million (4 to 5 crore) people deriving benefit from this relief. Through targeted assistance, limited government resources can be directed toward those who need them most. Identifying climate change and rapid population growth as major challenges for Pakistan, the Finance Minister noted that the country’s annual population growth rate is approximately 2.55 percent; if this current pace continues, the population could reach 390 million (39 crore). He warned that a growing population could exert pressure on education, healthcare, employment, and other essential services, necessitating long-term planning and structural reforms. He pointed out that countries like Bangladesh, Indonesia, and Iran have successfully reduced their population growth rates to below one percent over the course of a decade. Pakistan, too, must take steps to promote women’s education, increase their participation in the workforce, and raise public awareness. He noted that women’s labor force participation in Pakistan stands at approximately 22.7 percent; increasing this figure could bolster the country’s productive capacity and economic growth. Muhammad Aurangzeb remarked that the global economy is currently facing uncertainty, and regional conflicts could impact the prices of essential commodities as well as energy supplies. Under these circumstances, it is imperative for Pakistan to maintain the momentum of economic reforms, expand exports, encourage private investment, and strengthen fiscal discipline. Doing so will help establish the economy on a sustainable foundation and pave the way for employment-friendly growth.

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وزیراعظم کا ملک میں حاصل ہونے والا معاشی استحکام ٹیم ورک کا نتیجہ قرار ..

مکہ معاہدہ ;پاکستان اور سعودی عرب کی توثیق; مکہ دفاعی معاہدے کا مکمل اردو ترجمہ

Share

Related News

بابر اعظم سری لنکا کے خلاف ر اولپنڈی ٹیسٹ میں قومی ٹیم کی قیادت کریں گے..

وزیراعظم کا ملک میں حاصل ہونے والا معاشی استحکام ٹیم ورک کا نتیجہ قرار ..

مکہ معاہدہ ;پاکستان اور سعودی عرب کی توثیق; مکہ دفاعی معاہدے کا مکمل اردو ترجمہ