ISLAMABAD, Nov 29 (Alliance News): Prime Minister Shehbaz Sharif reiterated the government’s commitment to transforming Pakistan’s economic landscape, emphasizing the direct link between economic and national security.
Addressing the 26th National Security Workshop at the Defence University, the prime minister stated, “Economic strength directly translates into national security.
Growing exports, an expanding industrial sector, and a thriving economy will automatically bolster our critical security.”
Key Economic Reforms
PM Sharif highlighted the government’s readiness to implement a Charter of Economy, a proposal he initiated in 2018.
He emphasized the need to privatize State-Owned Enterprises (SOEs) to save trillions of rupees, saying, “The government must step away from business and focus on facilitating private enterprises.”
He also pointed to the recent surge in the Pakistan Stock Exchange, which crossed 100,000 points for the first time in history, as a testament to improving business sentiment.
However, he cautioned that this progress was still fragile due to historical economic mismanagement.
Challenges and Recovery Efforts
Acknowledging ongoing challenges, the prime minister noted that Pakistan was on the brink of default in June 2023 but avoided crisis through a standby agreement with the International Monetary Fund (IMF).
While he admitted the IMF program brought hardships, he expressed hope that it would be Pakistan’s last such reliance.
PM Sharif also announced plans for a homegrown economic strategy aimed at sustainable development, which the government intends to implement rigorously.
Security and Stability
The prime minister addressed the resurging threat of terrorism, lamenting the loss of 80,000 lives and $130 billion in economic damages.
He highlighted recent incidents, including unrest in Parachinar and a march on Islamabad, as efforts to destabilize the government’s economic recovery plans.
He reaffirmed his resolve to tackle these challenges through unity and collective action among all stakeholders.
Call to Action
During a Q&A session, PM Sharif stressed the need for a “quantum jump” in economic growth to close the external debt gap.
He identified power sector inefficiencies, circular debt, and tax evasion as critical areas requiring urgent reforms.
“We must generate our own resources to overcome external debt and resolve internal challenges like power and gas circular debts, which have reached unsustainable levels,” he said.
The session was attended by senior officials, including Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Planning Minister Ahsan Iqbal.
