January 09, 2025 (MLN): The vigorous collective efforts have resulted in macro-level stability, and this must be converted into sustainable economic growth, Prime Minister Shehbaz Sharif said.

The Prime Minister vowed to take forward the agenda of economic stabilization and reforms while addressing a ceremony held at the Pakistan Stock Exchange (PSX).

The ceremony was held to mark the exceptional performance of PSX and become the top stock market in the world.

The Prime Minister felicitated the PSX for achieving significant tailwinds.

He stressed the importance of sustaining this momentum, as the actual target is economic growth through the prudent utilization of immense natural resources.

Additionally, he emphasized leveraging the skills and expertise of experienced business and trade leaders to lead the country on the path to progress and prosperity.

He also highlighted the importance of preventing the economy from experiencing boom and bust cycles.

He said Karachi the city of lights is nerve center of Pakistan’s economy and feed back and suggestions of the investors of the city would prove beneficial for boasting the growth.

The government will welcome tangible proposals and recommendations by the business community for actualizing the export led growth.

Shehbaz Sharif underscored the significance of progressive taxation and structural reforms.

He mentioned that Pakistan had a target of enhancing the tax to GDP ratio to 10.6 percent under the commitments with the IMF.

However, the country has increased the ratio to 10.8%, which is a major achievement.

He expressed satisfaction with the significant decrease in the policy rate from 22% to 13%.

The Prime Minister noted that there was more space available to further decrease it, but any such move must be made prudently and cautiously.

He highlighted the growth opportunities in the agriculture, mines, and minerals sectors.

He also mentioned that foreign investors who recently visited the country showed interest in bringing investment and technology to Pakistan.

"We want to utilize the natural resources for promoting manufacturing in the country and employment generation with a strategy of taking Pakistan to new heights," he said.

Referring to the privatization process and structural reforms in public sector entities, the PM said that state owned entities made losses of billions of rupees in previous years.

He outlined that the government was committed to ensuring complete transparency in the privatization of Pakistan International Airlines (PIA) and other organizations.

He also mentioned that the process of outsourcing certain services at Islamabad International Airport was completed transparently recently.

The Deputy Prime Minister and Foreign Minister of Pakistan, Senator Muhammad Ishaq Dar said that the sapling planted nine years ago with the initiative of merging the stock markets of the country has grown into a gigantic tree.

He added that we are now seeing the best results from it today, with its remarkable performance being recognized across the world.

He stressed the need for creating a secondary market on the lines of advanced and strong economies.

He urged the business community to rise up to the challenges and create market opportunities.

This would enable the national economy to achieve resilience, absorb shocks, and reduce reliance on foreign resources.

He said that Shehbaz Sharif led PDM government steered the country out of serious economic challenges and today we are among the rapidly stabilizing economies.

The prime minister always focuses on a practical approach and the implementation of policies.

He said the country is moving ahead under his able leadership and anticipated that the situation will further ameliorate in the coming years.

The federal minister for finance and revenue, Muhammad Aurangzeb, reflected on sizable improvements in economic indicators.

He stated that the government is actively pursuing its agenda of decreasing inflation and supporting export-led growth.

Additionally, it is implementing reforms in tax, energy, public sector entities, pensions, civil service, and other important sectors.

The finance minister also spoke on right-sizing initiatives aimed at improving service delivery and cutting down expenditures of both federal and provincial governments.

He mentioned that the much-needed structural reforms were being implemented in a phased manner.

He felicitated the PSX on remarkable performance and underscored the importance of capital and monetary markets in the sustainable development of a country.

The finance minister also assured to start pre-budget consultation with all the stakeholders in the coming month so that their proposals could be acquired and incorporated in budget-making process.

Chief Executive Officer of Pakistan Stock Exchange, Farukh Sabzwari, in his welcome address, highlighted the exceptional performance of PSX and China's strategic investment and partnership.

He also discussed key features and proposals for further growth of the capital market.

Copyright Mettis Link News

Posted on: 2025-01-09T11:38:25+05:00