ISLAMABAD: Prime Minister Shehbaz Sharif on Friday gave credence to his government’s economic policies to be in the right direction, as he hailed the “positive” economic indicators including the reduced policy rate and inflation, surged remittances and agricultural exports, and ongoing efforts to boost IT exports.

Speaking to the young parliamentarians of Pakistan Muslim League-Nawaz (PML-N), the prime minister maintained that the “positive” economic indicators demonstrated that the government’s economic policies are heading in the right direction.

“The two percent policy rate reduction announced on Thursday was a major relief for the industrialists, investors, agriculturalists, and exporters, and expressed the hope for further reduction,” he said.

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The prime minister further stated that the announcement made by the International Monetary Fund (IMF) to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan on September 25 is also equally beneficial for Pakistan.

He said the IMF programme is being achieved following the tremendous efforts and tough decisions such as putting tax burden on the salaried class, which could be lessened in the future in the form of reduced inflation.

The prime minister also urged the country’s five million traders to play their part in taxation, adding that the government has brought the agro farms under the tax net.

“Curbing tax evasion is inevitable to rid the country of the IMF programme,” he said, adding that this should be the last such facility.

He also appreciated the friendly countries including Saudi Arabia, China and the UAE’s support in paving the way for the IMF facility and also lauded the efforts of the government’s economic team, Army Chief General Asim Munir, and all those involved in the process.

Recounting on the positive economic indicators, he pointed out that the inflation has reduced to 9.6 percent contrary to 32 percent last year, and remittances by expatriates and agricultural exports have witnessed a surge.

He also stated that the government is also making efforts to promote information technology exports, adding that many more efforts are yet to be made with unity and a clear mind to regain the lost position.

Prime Minister Sharif further stated that the government has made a pathway for the country to regain its stature in the comity of nations by rectifying past mistakes.

He also underscored the significance of the role of youth including parliamentarians, engineers, students, lawyers, bankers and agriculturalists in accomplishing the journey by equipping themselves with modern education and skills. The prime minister also assured the youth of his government’s fullest support towards this end.

Copyright Business Recorder, 2024