15 years needed to address economic woes: PM

ISLAMABAD: Prime Minister Shehbaz Sharif has termed three billion dollars standby agreement reached with the International Monetary Fund (IMF) a breather and stressed for converting it into an opportunity through vision, unity and strategy to achieve sustainable development.

Addressing a meeting of the federal cabinet here on Monday, the prime minister said: “While keeping in their respective jurisdictions, the institutions should make united efforts for at least the next 15 years to address the country’s economic woes.”

He added that the country’s deliverance from loans required a vision, unity, hard work and sacrifice by the affluent people.

“If we opt for this course, no one can stop Pakistan from achieving progress,” he remarked.

He, however, observed that the agreement reached with the IMF should not be taken as a matter pride but it was a matter of concern. “I pray that this is the last IMF deal. But this is easier said than done,” he commented.

He expressed serious concern over the state of affairs of state owned enterprises, including PIA and Pakistan Steel Mills, which, he said, were eating up Rs600 billion, adding that they would have to take the decisions to put the country in the right direction.

He stressed for collective efforts particularly by all institutions to give a future roadmap and policy guidelines so that the current IMF deal proves to be the last for Pakistan.

He said that the country would receive the first tranche of $1.1 billion in the current month.

He was especially appreciative of the efforts by the finance minister, his economic team and Foreign Minister Bilawal Bhutto Zardari to reach the nine month agreement with the IMF.

The prime minister recalled that ahead of the deal with the IMF, China provided rollovers of five billion dollars to Pakistan, adding that China always helped Pakistan in difficult times and our nation will not forget this latest support from the Chinese friends.

He also thanked Saudi Arabia and the United Arab Emirates for committing two billion dollars and one billion dollars respectively.

He said that Chief of Army Staff General Asim Munir played a crucial role in securing financial assistance from the two Gulf countries.

He said that during his visit to France, Islamic Development Bank also committed one billion dollars.

He said Pakistan was faced with dire economic situation over the last 14 to 15 months. He said: “We will make strenuous efforts to improve the economy.”

Meanwhile, the prime minister congratulated the nation and the business community on the start of business activities at Pakistan Stock Exchange (PSX) with an extraordinary surge of 2,231 points on the opening day of the week.

In a statement issued by the Prime Minister Office, he said signs of economic recovery have started coming forth as a result of our continuous hard work and sound policies.

He said the journey of economic development, decrease in inflation and progress of Pakistan is restarting from the point where it was left by PMLN Quaid Nawaz Sharif and the country is again on the track of development.

Shehbaz congratulated the nation that there was a new hope after severe disappointments, and investors and the business community are rapidly reposing trust as a result of the staff level agreement and the $3 billion standby arrangement with the IMF.

The prime minister said they are leading Pakistan towards path of development with the same spirit under which Pakistan was rid of the energy crisis, terrorism and other issues during 2013 and 2018. “We have to continue our journey of national development and economic stability in the same direction and with the same passion and diligence.”

He said now the journey of development will get pace in all other sectors including agriculture, IT and industry.

“We will get the masses rid of growing inflation, and youth will be provided with employment, business and economic self-reliance,” he said.

The PM said a comprehensive solid waste management system for the Islamabad Capital Territory should be introduced.

He instructed the authorities that under the solid waste management programme, responsibility should be given to companies which had experience in disposing off harmful and toxic waste in hospitals in Islamabad.

The cabinet in principle approved sending of the Islamabad Capital Territory Solid Waste Bill to the Cabinet Committee for Legislative Cases (CCLC).

It was given a detailed briefing about the solid waste management in Islamabad.

It was informed under the project, two strategies would be formulated.

Under the short term policy, waste collection had started from Islamabad, including the suburban areas, while under the long term one, tenders had been issued to hire services of high standard international companies.

The prime minister sough details of incinerators for disposing off waste in hospitals in Islamabad.

On the recommendation of Ministry of Commerce, the cabinet allowed transit of a container of spare parts of vehicles from Karachi to Kabul.

The spares parts would be for the vehicles of World Food Programme which was continuing its operation to provide food to Afghanistan.

On the recommendation of Ministry of Federal Education and Professional Training, the cabinet approved in principle the Higher Education Commission Amendment Bill 2023. The approval of the amendment bill would bring innovation in the system of higher education according to the requirements of present era.

On the recommendation of the Education Ministry, the cabinet also sanctioned the Federal Urdu University for Arts, Science and Technology Amendment Bill 2023. The amendment would bring reforms in the university and promote research.

On the recommendation of the Education Ministry, it also approved the National Commission for Human Development Amendment Ordinance 2002. The drafts of above three laws would be forwarded to the CCLC.

The cabinet also sanctioned sending of the Private Security Services Regulatory Bill to the CCLC.

Under the bill, a Private Security Services Regulatory Authority would be established to oversee the security system.

It also approved legislation for establishing the Pakistan Land Port Authority, however, it directed that after consultation with the Ministry of Commerce the draft legislation should be sent to the CCLC.