When the government took over, the economy was in bad shape, but thanks to government actions, Pakistan avoided bankruptcy, and the inflation rate is now in the single digits, according to Prime Minister Shehbaz Sharif. The prime minister announced a shortage of 4 rupees
At a ceremony in Islamabad honoring exporters and business leaders, the prime minister remarked that great business people had greatly increased the country’s exports in difficult times and had made Pakistan known around the world. He said that exporters are the wonderful sons of Pakistan who have been very important to the country’s economic growth.
The Prime Minister noted that some people felt Pakistan had already defaulted when the government took over.
One of their biggest problems was keeping the country from going bankrupt. Now, Pakistan’s economy is stable, and inflation is below 10%.
Shehbaz Sharif also said that the country’s progress depends on everyone working together and told the Governor of the State Bank to be brave and make tough choices.
He said that the private sector, not the government, runs firms; thus, the opinions of business people should be given more weight.
The Prime Minister also thanked friendly countries for their help, saying that China,
Saudi Arabia, Qatar, and the United Arab Emirates gave money that helped the country avoid a catastrophe.
Announcing rewards for exporters:
Shehbaz Sharif, the Prime Minister, said that exporters will pay 3% less in taxes and get blue passports that are good for two years.
He said again that exporters are the great sons of Pakistan;
they helped the country export more goods even when things were tough.
He also added that the price of energy for businesses will go down by Rs.
He also added that the price of energy for businesses will decrease by Rs. 4.04, and the cost of wheeling will reduce from Rs. 9. 9.
He mentioned the clear privatization of PIA and the closing of PWD,
Utility Stores, and PASCO as examples of steps taken to stop corruption.
The Prime Minister acknowledged the necessity for tax reductions.
For example, the sugar industry brought in an extra Rs. 50 billion in revenue in one year, and the Ministry of Communications also witnessed a big gain in revenue.