LAHORE: Federal Minister for Planning Development & Special Initiatives Ahsan Iqbal on Saturday said that Pakistan seeks trade, not loans, from China and Saudi Arabia. These two countries have consistently provided unconditional support to Pakistan in times of need. Talks with the IMF are ongoing and an agreement will be finalized soon.
Addressing a press conference in Lahore, the federal minister stated: “Under Nawaz Sharif’s leadership, we have put Pakistan’s economy back on track.” Through the SIFC, four countries have allocated funds for $27 billion in investments in Pakistan, which will be integrated into the economy within the next two to three years.
Secretary General, The Institution of Engineers Pakistan Engineer Amir Zamir Ahmed Khan and Engineer Usman Farooq were also present on the occasion.
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Ahsan Iqbal said “This is not the time for long marches or spreading chaos. Any party with a program for economic recovery should share it with us.”
Regarding the energy crisis, Iqbal assured that it would be controlled within a year. Additionally, the inflation rate will be brought down to single digits by the end of the year.
He also announced that the Interior Minister has been instructed to investigate irregularities in the Engineers Council elections. “I couldn’t even cast my vote in the election,” he added.
Ahsan said in a bid to revitalize Pakistan’s economy, Prime Minister Shehbaz Sharif is set to announce a comprehensive five-year plan outlining national economic goals. According to Ahsan, the plan aims to address pressing issues such as the energy crisis, tax evasion, and instability.
“Pakistan must avoid chaos and instability to achieve progress and development,” Ahsan emphasized. “Without peace, there will be no investments, and the energy crisis will persist.” He urged traders to contribute to the country’s progress by paying taxes, highlighting that 70% of Pakistan’s taxes are borne by the industrial sector, while the service sector’s contribution is negligible.
He warned that tax evasion forces the government to borrow from others and sign agreements with the International Monetary Fund (IMF).
In a message to opposition parties, particularly Jamaat-e-Islami, Ahsan appealed for collective efforts to resolve issues. “If they have an alternative plan, they should present it. We will open our books and share all resources to tackle the challenges.”
Concluding his statement, Ahsan Iqbal stressed the importance of positive action. “We must pay taxes and curb electricity theft. Strikes and shutdowns will only harm the national economy. This is not the time for protests and exploiting people’s emotions.”
The announcement comes as Pakistan struggles to revive its economy amidst rising inflation, energy shortages, and political unrest.
Copyright Business Recorder, 2024