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Wednesday, 8 June, 2022 I 8 Dhul-Qadah, 1443 I Rs 15.00 I Vol XII No 339 I 12 Pages I Islamabad Edition

political stability must for Economic rEvival, strEssEs pm g

Reiterates call for ‘Charter of Economy ’ for growth through unalterable policies

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ISLAMABAD

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Staff RepoRt

RIME Minister Shehbaz Sharif on Tuesday underscored the need for a "charter of economy" to put the country back on the path to progress and prosperity, saying economic stability interlinked with political stability. Addressing businessmen during a pre-budget conference held here in Islamabad, Premier Shehbaz stressed that he is asking for a prudent and comprehensive approach for an economic turnaround. Reiterating his call for a Charter of Economy, said it was high time all the stakeholders joined hands to formulate an unalterable policy framework for making the country achieve agrobased and export-oriented growth. The conference gathered agriculturists, information technology experts, businessmen, investors and agriculturalists from across the country, who shared their proposals with the government relating to their respective areas. “All of us will have to move together. The government will need guidance from the stakeholders and experts. The government will form a task force on agriculture and exports for formulating comprehensive plans,” he said. The prime minister said owing to the limited time, the incumbent government was focusing on short- and medium-term plans.

Citing the successful economic growth of Bangladesh, he said being rich with immense resources, human talent and dedication, Pakistan could also achieve excellence through efficiency and modern techniques. He thanked the experts for giving their input during the over six-hour long session. The prime minister said owing to the non-execution of plans, Pakistan lagged behind while other nations like India excelled by following their development plans. He said in 1991, Pakistan’s rupee was stronger than the Indian currency but in the current scenario, there was no comparison between the two. Pakistan lagged behind because the develop-

Govt aims at fiscal consolidation, to present progressive budget: Miftah

ment plans remained unexecuted, he added. “It is up to the government to execute these suggestions. We have to convert them into reality. This will not be realized until there is political stability,” he remarked. The prime minister called for providing modern facilities in the villages to uplift the living standards of the people and discourage massive urbanization. He said the idea of Danish Schools also served the same purpose of imparting high-quality education to the students living in rural areas. Shehbaz Sharif said the agriculture could turn around Pakistan by enhancing the yield of cotton, wheat and other crops, and mentioned the

Owing limited time, govt focusing on short and medium-term plans

country ’s $4.5 billion import bill of palm oil which could be reduced through local production. He said though the provinces got the maximum chunk of the NFC (National Finance Commission) award after the 18th Amendment, the federation could make comprehensive plans in collaboration with the provinces. He told the gathering that despite the passage of years, the people of Gwadar were deprived of drinking water and electricity. “Is this how the nations are made?” he questioned and said the deep-sea port was also losing its depth for silting which would impact the movement of heavy ships. He said being an agricultural country, Pakistan would import three million tons of wheat during the current year. The prime minister also lamented the unnecessary delay in the completion of the last of four LNG plants initiated by the PML-N government which should have been completed in March 2020. “We have to give an impetus to the export-based industry. It is all about integration. The government will focus on enhancement of exports to bring in employment and prosperity,” he commented. Coming to the foreign policy, he said the incumbent government was yet repairing the ties with friendly countries, including China and Turkey as their projects faced unnecessary impediments in the past.

World must tell Taliban it’s going in wrong direction: German FM

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Minister for Finance and Revenue Miftah Ismail on Tuesday said the government was determined to present a progressive budget, with special focus on fiscal consolidation to bring down the budget deficit below 5 percent of the Gross Domestic Product (GDP). Addressing a day-long Pre-Budget Business Conference, the minister said an effective strategy had been evolved to achieve the GDP growth up to 6 percent and control inflation with strategic measures. The conference was convened to provide a platform to agriculturists, information technology (IT) experts and businessmen to share and exchange their proposals with the government on IT, agriculture, business, textile and exports. Miftah said the incumbent government had to take difficult decisions to put the economy on track, and it could take more drastic measures if required to improve it. He said the Pakistan Muslim League-Nawaz (PML-N) came into power in a difficult situation, and it would leave it in a much better condition on the completion of its government tenure. “You are all with us, we will leave it in a better position,” he said while addressing the audience. The minister said the current government had re-engaged Saudia Arabia, China, the United Arab Emirates and other friendly countries, and it would hopefully help improve the situation in the country. He said Prime Minister Shehbaz Sharif had realized the situation being faced by the downtrodden segments of the society and accordingly directed the quarters concerned to make plans for providing maximum relief to them before hiking petrol prices. He said the government would provide stipend to around 14 million people, approximately one third of the country’s population. Miftah expressed pleasure over the presence of stakeholders in the consultative gathering to take collective decisions at the critical juncture and lead the country towards a better future. He assured the participants that the government would take all sectors along. The minister said the government had inherited the economy in a bad situation, as the country witnessed the third highest inflation rate after Argentina and Turkey. He said during the four years of Pakistan Tehreek-eInsaf government, some 20 million people went below the poverty line and 0.6 million lost their jobs. Every year, he said, around two million people joined the labour market and the country needed around 6 percent economic growth rate to absorb them.

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He said in order to boost exports, there was a need to establish export industrial zones where land should be provided to the industrialists without any cost through a merit-based formula. He said he had assigned the Information Technology Ministry a target of 15 billion IT exports during the next two years as India’s IT exports had touched $200 billion. He said in wake of the limited fiscal space available to the government, the projects of national importance should be executed through a public-private partnership, including the exploration of gas and renewable energy. Mentioning the annual deficit of $2.5 billion by the sick entities, the prime minister said the government could save the huge amount by offloading the “dead wood”. Referring to some difficult financial decisions made by the government, he said, despite knowing their political cost, the coalition parties unanimously went for the decision-making in the national interest. He said in order to support the poor people against inflation, the government was disbursing Rs 2,000 each to deserving families under the Benazir Income Support Programme. Calling for the elite to sacrifice, PM Shehbaz Sharif hinted at taxing the real estate sector and encouragement of vertical construction to spare land for agricultural use.

MORE INSIDE

Miftah backtracks on another petroleum price hike claim STORY ON BACK PAGE

ISLAMABAD Staff RepoRt

German Foreign Minister Annalena Baerbock called for the international community to send Afghanistan’s Taliban leadership the message that it is heading in the wrong direction. “Our influence on what happens inside Afghanistan is very limited. It depends on the Taliban making rational choices in their own economic interest, and that is not what they are doing right now,” said Baerbock while Addressing a joint press conference along with her Pakistan counterpart, Bilawal Bhutto-Zardari, during a visit to Islamabad, warning of a humanitarian disaster brewing in the country. “It is not the Afghan people’s fault that their government was overthrown by the Taliban,” she said on Tuesday at a joint news conference with her Pakistani counterpart, Bilawal Bhutto Zardari. Baerbock added that Germany and Pakistan have restructured their system for bringing Afghan refugees to Germany via Pakistan to

make it faster and that over 14,000 Afghans who are particularly at risk have been able to travel to Germany over the past months. Zardari said Pakistan always advocated for holding dialogue and the use of diplomacy as tools for the pursuit of peace in the world. The foreign minister referred to the Ukraine conflict and said Pakistan had a firm position that it should not be dragged to any conflict. Pakistan is a developing country, but it always advocated that international laws should be adhered to, he said, adding that all world conflicts should be resolved through peaceful means. Replying to a question, Zardari maintained that the humanitarian crisis in Ukraine could not be ignored and stressed that Pakistan would continue to advocate for dialogue and diplomacy as means in the pursuit of peace. The foreign minister said Pakistan always emphasised the adherence to UN principles and its charters and respect for the sovereignty and territorial integrity of countries.

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Free fuel facility to president, PM, other officials challenged in LHC STORY ON PAGE 02

Country suffers up to 16 hours of load shedding as shortfall reaches 6,099MW STORY ON BACK PAGE

Imran says ‘govt trying to put me behind bars on trumped-up charges’ STORY ON PAGE 03


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