VISIBLY buoyant Prime Minister Muhammad Shehbaz Sharif Friday said that due to efforts of his economic team the macroeconomic conditions in the country had improved significantly, but added the government would have to work further to improve conditions at the microeconomic level so that the benefits of economic progress could reach people.
He was speaking during a meeting with a delegation of prominent industrialists and businessmen of the country.
The Prime Minister said the government was working on a priority basis for the promotion of industry and business.
The Prime Minister’s satisfaction over economic achievements and appreciation of his team are understandable as, for the first time in several years, there is a ray of hope among people about a positive future of the country.
This is also a reflection of the growing trust and confidence of the nation in the ability of the ruling coalition to deliver despite daunting challenges.
This change for the better has not taken place overnight but is the product of hard work done during tenure of the coalition government, formed after a vote of no-confidence against the then Prime Minister and its continuation by the interim government and the incumbent coalition government.
However, it is also a fact that the journey towards stabilization assumed prominence after induction of Muhammad Aurangzeb as the Finance Minister, who crystallized policies, programmes and reforms to achieve the desired results and has demonstrated avowed commitment to pursue the course to move towards the cherished goal of sustainable growth.
No doubt, Pakistan is still not out of the woods but visible improvement in economic indicators has encouraged global institutions not only to continue working with the country but expand their cooperation and support for its economic agenda.
Apart from the continued engagement of the IMF, with which talks are now being held for $1 billion climate funding, the World Bank is also optimistic about the future of the country.
As the Prime Minister was recounting achievements of his economic team, Najy Benhassine, the World Bank’s Country Director for Pakistan, while referring to $20 billion 10-year development plan, said in a video message on X “This is an important moment for the partnership between the World Bank Group and Pakistan as we engage on this journey at a particular moment for Pakistan where stabilization is taking hold and there are new ambitions and new plans for development on the long term that are very aligned with the priorities of the World Bank Group in the country.”
As the leadership is fully resolved to take the process of reforms and restructuring to its logical conclusion despite resistance by vested interests, there is expectation that the economic conditions of the country would further improve during the year.
However, as pointed out by the Prime Minister there is dire need to ensure a trickle-down effect of the improvement in the macro-economic conditions.
We have been emphasizing in these columns that due relief is not reaching the common man because of lack of administrative control of the government as presently a major chunk of the intended benefits goes to the pockets of profiteers.
Similarly, PML(N) is always considered as an ‘industry friendly’ party but so far it has not been able to stimulate industrial growth in a meaningful manner.
During the fruitful interaction of the PM with prominent members of the business community, the Prime Minister announced formation of a committee comprising businessmen, industrialists and government ministers for suggesting a path for sustainable economic growth and hopefully it will give its input in a fortnight and the government will duly benefit from its recommendations.
In fact, the proposals already floated by the members of the delegation have the potential to make a difference and the steps should be taken for their implementation, with some adjustments, if necessary.
These include immediate expansion of Karachi Port, rationalization of tax burden, enactment of a strong recovery of loan law to encourage banks to provide loans to every segment of the society and privatization of loss-making Discos (and not efficient ones).
