PM, too, advocates ‘charter of economy’ as solution

LAHORE: Prime Minister Shehbaz Sharif said on Saturday that the ‘Charter of Economy’ appears to be the only way forward for our political parties to achieve prosperity for our people.

“Economy direly needs reforms, which, in turn, can be undertaken in a stable political environment, for economic development is intrinsically linked to political stability,” the premier said in a tweet.

Regarding budget 2023-2024, he said it represents the beginning of the process to fix the economy’s long-term ailments. The coalition government has prioritized the right areas that have the potential to spur economic growth, attract investment and make the economy self-sufficient, he added.

He said making of the Budget (FY2023-24) was particularly a difficult task in view of the persistent challenges arising out of the floods-related relief and rehabilitation, global supply chain disruptions and geostrategic upheavals.

He said never-ending headwinds of political instability created by Imran Niazi damaged the economy and created uncertainty, as the country remained on the boil for well over a year.

He said mindful of the impact of inflation, the government has provided relief to public sector employees and pensioners in the form of pay raise of up to 35 percent and 17.5 percent respectively, and increased minimum wage to 32000 rupees. He said a more balanced budget that levies no new tax could not have been possible within the existing constraints.

He commended all those who remained part of this exercise and played their role in this budget-making exercise.

Moreover, the PML-N leader Qaisar Sheikh said in his budget reaction said in this year’s budget the government is paying special attention to provision of quality education, vocational training to the youth, boosting IT sector and improving agriculture sector.

He said the legacy of the previous government and the devastating floods also contributed to the difficulties for the government. The Foreign Direct Investment always remains the main contributor in the economic development of any country. However, political instability is the main hurdle in attracting FDI, he added. Economic development needs comprehensive and consistent economic policies, he said. Economist Mirza Ikhtiyar Baig said it is good news that the incumbent government managed to avert default despite serious inherited challenges. Although there is immense pressure from external payments, the government has managed the balance of payments. The commercial loan roll over by China and soft deposits from Saudi Arabia and UAE is a great relief for our foreign reserves and also supported the government to avert default threats, he said.

Copyright Business Recorder, 2023