ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday decided to form the National Economic Council (NEC) to address the current economic situation and check inflation.
In a meeting with economic experts, he sought their proposals on an emergency basis to address the economic issues of the country. The PM Office, in a statement, said the newly-elected Prime Minister met with his economic team as he seeks to steer the country out of the financial crisis.
“The proposals will be devised after consultation with stakeholders in areas including agriculture, trade, investment and banking,” the statement said.
A meeting will be held in the next few days to discuss the suggestions of the economic experts. The Prime Minister also decided to form the National Economic Council (NEC), comprising independent financial experts. In view of the challenging economic situation, he directed forming medium and long-term policies and comprehensive policy options to overcome inflation. He emphasised a reduction in the prices of daily-use commodities and essential items, particularly during Ramazan. He also stressed the need for maintaining a balance between national and public interests.
During the meeting, the finance secretary briefed the Prime Minister on the economic situation, revenues, budget deficit, and debt, besides the overall national balance sheet.As Prime Minister Shehbaz Sharif has assumed office, he has abolished one weekly day off and government offices will now remain open for six days a week. Moreover, the premier has also changed office timings to 8am. The timings of the federal government offices for Ramazan have also been revised. The revised timings have been implemented with immediate effect, according to a notification issued by the Establishment Division, and will continue to remain the same unless they are withdrawn or modified. The timings are: Monday to Thursdays and Saturday 8am to 3pm (Prayers break: 1-1:30pm), Friday 8am-1pm.
On his first day in office, Shehbaz Sharif reached the PM Office early in the morning, which worried the employees and officers who had not reached the office. Shehbaz, who is known for his punctuality, reached the PM’s Office at 7am on his first day. The officers and employees, who had not reached there by then, had to rush to the PM’s Office to avoid his displeasure.
Meanwhile, Prime Minister Shehbaz Sharif has said the biggest challenge for his government is to overcome the devastating economy and inflation and the government will make a coordinated short-term and mid-term plan to reduce inflation in the country. “Now to meet the challenges, work will be done on Pakistan speed,” he said while addressing an Iftar dinner for senior journalists.
Prime Minister Shehbaz Sharif said the campaign against the army and national security agencies was intolerable and law would take its course. “The facts will be brought before the nation. We do not believe in political revenge but law will take its course,” he said, adding that the Prime Minister’s House would be converted into the Pakistan House. “The bureaucracy from all over Pakistan will be brought to the Prime Minister’s House,” he said.
He said facts about the economic condition of the country had been presented to the nation today through a press conference. However, he said, he and his team will work day and night to rebuild and revive the economy. Shehbaz Sharif said about a 1,800 points jump in one go in the Pakistan Stock Exchange and regaining of rupee value against the dollar by nine rupees in a day after his election was a feel good factor that reflected the sentiments of people. He said pensioners had been provided with relief through a 10pc raise, adding that representatives of the textile sector had positively responded to his appeal for a 10pc increase in the salary of employees drawing up to Rs100,000 per month. “Other institutions are expected to do the same, for example, the media,” he added.
To a question, he said merit would be upheld in his government. He said electoral reforms were imperative for transparent and credible elections in the country. Answering a question about the NAB, he said during the last three and a half years, it was a one-sided process of sheer victimization in the name of accountability. “We do not believe in victimization, however, law will take its course,” he said.
Prime Minister Shehbaz Sharif said, “The term of the parliament is one and a half years and how long we have to stay, the allies will decide together. The PML-N wants electoral reforms and then polls,” he said. To a question, he said everyone was allowed to engage in political activities but not create chaos and anarchy in the country. On the formation of the cabinet, he said consultation with the allied parties was going on and hopefully the PPP would be part of the cabinet. “This is a coalition government and everyone has to be involved. As far the PMLN is concerned, Nawaz Sharif will finalise the name and portfolio of PML-N ministers,” he added.
On President Dr Arif Alvi not taking an oath from him, Shehbaz Sharif prayed for his early recovery. To a question, he said his government would abide by the order of the Supreme Court against the violators of the Constitution. “Nations cannot be made through talks but through hard work. Prosperous nations spend two holidays but we have to work on Sundays also,” he said. To a question, he said if briefings on Kashmir and Afghanistan were held in parliament, why not on the “lettergate.” He advised Indian Prime Minister Modi to resolve the Kashmir issue as per the wishes of people of Kashmir and move towards lasting peace. He said the consultation would be made on the future of the State Bank of Pakistan Governor. “The PTI government has emptied the national treasury,” he claimed. He said Imran Khan had not only annoyed friendly countries but also deteriorated diplomatic and bilateral relations with many countries. He said overseas Pakistanis were our ambassadors and they had the right to vote.
When asked about his message to those who taunted him on Sherwani, he replied, “Almighty Allah has given Sherwani to me.” He said was going to Mazar-e-Quaid Karachi today (Wednesday).A handout by the PM Office said he would also visit the Chief Minister’s House and the headquarters of the Muttahida Quami Movement Pakistan in Bahadurabad at 2pm Wednesday.
