PM Shehbaz calls for immediate reforms to steer Pakistan out of crises

• Sacrifices of all stakeholders required to deal with challenges: PM.
• Says taking all measures for promotion of industry and agriculture.
• PDM saved country from default after securing IMF deal: Shehbaz.

Prime Minister Shehbaz Sharif has emphasised the need for immediate structural reforms to steer the country out of crises saying that there is no other way but to take initiate “drastic structural and economic reforms”.

Addressing the office-bearers of the Lahore Chamber of Commerce and Industry (LCCI) and renowned businessmen and industrialists at Governor’s House in Lahore, the premier said sacrifices of all stakeholders including the business community required to deal with prevailing challenges.

PM Shehbaz said the government was taking all possible measures for the promotion of industry and agriculture. However, in the given circumstances and in the face of grave challenges, industrialists and the business community would have to play their role even more actively for enhancing exports and stabilising the economy, he added.

Citing an example of Bangladesh textile industry, PM Shehbaz urged the business community to examine as to why Pakistan’s economy was unable to achieve the desired targets and its full potential despite having all natural resources.

Bangladesh textile sector totally relies on imported cotton, but it is developing fast and gaining a niche in the global market while Pakistan’s textile is losing competition in the export markets, the PM added.

Pakistan’s foreign reserves jump to $14 billion

In the same address, the PM disclosed that the country's total foreign exchange reserves rose to $14 billion after the country received funds from friendly countries and International Monetary Fund (IMF) following a $3 billion Stand-By Arrangement (SBA).

He said that the incumbent government saved the country from default as the country received $2 billion from Saudi Arabia, $1 billion from UAE and $1.2 billion from the IMF.

PM Shehbaz said forex reserves stood at $14 billion when the coalition government came to power in April last year, adding that the reserves reached the same level where they were previously.

He also lauded China’s financial support to Pakistan saying that Beijing rolled over $5 billion of commercial and sovereign loans, which played a key in securing the IMF bailout package.

“We have to take optimum benefit from the IMF deal by utilising the amount on economic development and people’s prosperity,” he remarked.

He added that unfortunately, the Pakistan-US relations were hit hard by the “ill-conceived decisions and remarks” by the previous Pakistan Tehreek-e-Insaf (PTI)-led government.

The incumbent coalition government with collective efforts normalised and improved ties with the USA, he added.

During the previous government, the PM said, national interests were compromised for personal interests, and the economic situation became even worse when the IMF pact was violated in the past.

— With additional input from APP