Economy: PM’s pessimistic tone reflects grim view of situation

ISLAMABAD: Prime Minister Shehbaz Sharif Wednesday said that the economic situation which was already very precarious, has been further aggravated by floods.

The prime minister, after distributing plot allotment letters among the members of the Supreme Court Bar Association (SCBA), said that the unprecedented floods have devastated the country and such climate-induced catastrophe was rare in the world.

He said the economic situation is so serious and floods have further aggravated the situation. Flood victims are facing enormous challenges, and they do not have clean drinking water and hundreds of thousands of people are lying under the open sky.

He said that when the coalition government assumed the charge the country was on the verge of default but the present government saved the country with its efforts from default and the economic imbalance was controlled to some extent.

However, he said that inflation is at its peak and no one should have any iota of doubt that when on April 11 when he assumed the charge, the government was in hesitation whether to pass on the prices (of petrol) to the consumers or not.

August's inflation reading in Pakistan hits 27.3%, highest in over 47 years

He said that the previous government had not honoured the International Monetary Fund (IMF) agreement. The prime minister added that the IMF has not only asked the present government to fulfil the previous conditions but also put them on auto thereby, meaning that if these conditions were not met the Fund programme would be automatically halted.

He said that even after 75 years we are moving in circles and except for becoming a nuclear power, on the economic front the country is far behind and is holding a begging bowl. He said that these are the questions that the nation is asking from the cabinet and him. We are still waging war against poverty and unemployment.

At one time, the country was ahead of India in textile and Pakistan’s currency was stronger than theirs, he added. He said that the common man is asking about the future of his country. He said that it is time of “now or never” to change ourselves and benefit the nation. He said that he has been trying for the last four days to arrange gas for winter and when it was cheapest, the then government had not signed a long time contract.

He said that the long standing demand of the lawyers is being fulfilled by the coalition government and in the first phase allotment letters are being allotted to them. He said that years’ long delay first phase is being completed and allotments letters were distributed as per regulation.

APP adds: Prime Minister Shehbaz Sharif urged the nation, particularly the influential and affluent classes to play their due role to change the nation’s fate through firm resolve and solid actions.

He said the nation wanted to know as why the Quaid’s dreams remained fulfilled as millions of the people were faced with poverty.

He said unfortunately, even the smaller nations as well as the neighboring countries had achieved immense progress leaving Pakistan behind.

Referring to the massive destruction caused by the floods, the prime minister said hundreds of thousands of the flood-stricken people were about to brave the upcoming harsh cold winters and 0.6 million pregnant women were also compelled to stay at tents.

Shehbaz Sharif said the country was faced with climate-induced destruction.

He told the lawyers community that as the coalition government was formed, the country was at verge of the economic default.

Shehbaz said the government was strategizing to cope with the swelling needs of the gas, considering the upcoming winter season.

He said the previous government failed to sign a gas purchase agreement when it was available at 3 cents per MMBTU comparing current 40 cents per MMBTU.

He said the flood water was still causing destruction in Balochistan, leading to the collapse of houses and washing away of crops.

He said even the availability of clean drinking water was a challenge for the flood-affected people.

He said the country was rich with immense resources like Saindak and Reko Diq with capable human resource like farmers, engineers and doctors.

“If we make a resolve, Pakistan will emerge a great country. It will not come through speeches, rather through will and action,” the prime minister remarked.

The prime minister said that those who had got the allotment letters for their residential plots should never forget the flood-stricken people who had lost their dear ones as well as the houses.

He said the housing project for the lawyers’ community had been facing a delay; however the incumbent government would ensure its early completion.

He said the government would extend maximum support for development of the housing project.

Law Minister Azam Nazeer Tarar, Housing Minister Maulana Abdul Wasay and President of Supreme Court Bar Association Ahsan Bhoon also addressed the Convention.

Copyright Business Recorder, 2022