LAHORE: Punjab Finance Minister Mujtaba Shuja-ur-Rehman has said that sustainable measures have been taken to boost investment in a short span of three months; the current government’s economic policies prioritise public-private partnerships and are committed to creating an environment conducive to investment.
He expressed these views while addressing the Best Achievement Awards ceremony organised by the business community here on Thursday. He urged businesspeople to fulfil their responsibilities to give a boost to the economy.
In his address, the Minister criticised the previous Pakistan Tehreek-e-Insaf (PTI) government for creating severe economic issues. He noted that more loans were taken under the PTI government’s tenure than by any previous governments, which would have led to bankruptcy without timely intervention.
He highlighted that in 2018, the country’s economic growth rate was 6 percent, which has now dropped to 2 percent. He blamed the PTI administration for obstructing the China-Pakistan Economic Corridor (CPEC), which was set to bring US$50 billion in investment. He added that the inflation rate saw a record increase during this period.
The Minister praised the efforts of the PML-N government for tackling these challenges in the past three months. He noted that it successfully reduced the inflation rate, which had been stuck at 20 percent for two years. This period also saw improvements in the stock market and a restoration of global investor confidence. Additionally, investment opportunities under the CPEC increased, with China indicating a willingness to invest more, he added.
On this occasion, the Minister presented awards to men and women who demonstrated outstanding performance as small business owners in 2023-24. The event was attended by prominent business figures from across Pakistan.
Copyright Business Recorder, 2024
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