ISLAMABAD:
Prime Minister Shehbaz Sharif on Thursday reiterated the government’s commitment to transforming Pakistan’s economic landscape, emphasizing the direct link between national security and economic stability.
Speaking at the 26th National Security Workshop at the National Defence University, the prime minister remarked, “If we are economically strong, with growing exports and an expanding industrial sector, our economic security will automatically bolster our critical national security.”
Highlighting the government’s dedication to implementing a comprehensive “Charter of Economy,” the prime minister recalled proposing the idea as opposition leader in 2018. “Now, we are fully prepared to execute this vision,” he said.
Stressing the need to privatize State-Owned Enterprises (SOEs), he asserted that the government must exit the business sector entirely. “The government’s role should be limited to facilitating private businesses,” he said.
He underscored that divesting from SOEs could save trillions of rupees, adding that all institutions are aligned on this issue, with both the government and the army chief fully supporting the initiative.
Praising the Pakistan Stock Exchange’s historic performance of surpassing 100,000 points on Thursday, the prime minister attributed the achievement to teamwork and close coordination between the federal government and various stakeholders.
“This reflects positive business sentiment, and we believe Pakistan is steadily moving in the right direction,” he remarked.
He acknowledged that two days earlier, the stock market had plummeted by approximately 4,000 points due to developments in Islamabad. However, as the situation stabilized, the market rebounded within days, reaching an unprecedented milestone in the country’s history.
The prime minister noted that economic progress had slowed, even deteriorated, over the past decade due to various challenges.
He said the country was still facing many challenges. “We all know that in June 2023 it was touch and go as Pakistan was on the verge of default for a variety of reasons that we all know.”
The prime minister highlighted that the government managed to bring the economy out of crisis due to a successful standby agreement with the International Monetary Fund (IMF).
However, he said that the programme would bring more hardship to the people but the government had no choice.
He also hoped and prayed to Allah Almighty that this would be the last programme with the IMF.
The prime minister said the country had seen several brilliant economic plans over the period of 76 years but they failed due to lack of will to do.
He told that the government was preparing a home-grown plan that would be implemented in letter and spirit.
