Pakistan's economy can be restored with EU's support: Nawaz

Published: December 10, 2013

Nawaz Sharif speaks at the luncheon hosted for European Union’s (EU) Ambassadors in Islamabad. PHOTO: PID

ISLAMABAD: Reiterating his earlier statement, Prime Minister Nawaz Sharif said that drone attacks are unacceptable, Express News reported on Tuesday.

Speaking at a luncheon for European Union’s (EU) Ambassadors in Islamabad, Nawaz said that with the EU’s collaboration and support, Pakistan’s economy could be restored.

He added that the government is involved in anti-terrorism efforts and it is important that a solution to terrorism be found.

The government is engaged in spreading awareness about the negative impact of drone attacks in Pakistan to the international community, the PM said.

His statement comes a day after his meeting with US Defence Secretary Chuck Hagel in which the PM assured Hagel that ‘immediate action’ would be taken to resolve the problem of stalled military shipments due to be taken across the border into Afghanistan.

Hagel had warned the premier that it could be difficult to maintain political support in Washington for an aid programme that has sent billions of dollars to Islamabad if this was not done.

Reader Comments (65)

  • Turbo
    Dec 10, 2013 - 3:57PM

    it can be restored if you pay and collect taxes prime minister sahib!!!Recommend

  • Riz
    Dec 10, 2013 - 3:58PM

    Liar PM of Pakistan. He is wearing Louis Moinet Watch worth US$4.6 Million and he maintains billions of Rs. so bt selling his assets the Pakistan economy can be restored. Kindly trace Mr. Zardari and sells his assets to restore our economy. Recommend

  • SK
    Dec 10, 2013 - 3:58PM

    Mr. prime minister, Pakistan’s economy can be restored ONLY by standing on its own feet and having some self-respect instead of looking towards anyone.
    We are ashamed that you are prime minister of this countryRecommend

  • polpot
    Dec 10, 2013 - 4:00PM

    “Pakistan’s economy can be restored with EU’s support: Nawaz”
    +++++++++++++++++++++++++++++++++
    Now substitute EU with USA China SAARC……………………..Recommend

  • abcd
    Dec 10, 2013 - 4:01PM

    time to beg for more money..Recommend

  • Realist
    Dec 10, 2013 - 4:05PM

    Can Pakistan do anything by itself? Beggar mentality.Recommend

  • Pakistani1
    Dec 10, 2013 - 4:06PM

    Dear NS, you are the PM of this country, YOU HAVE the power and it is YOUR responsibility to come up with solutions for all the problems of this country which YOU promised to solve before elections. So please stop making these vague suggestions and claims every other day and start working SINCERELY. This is 2013 if you keep on using the old 70s tactics to fool the crowd, the day is not far when you will be thrown out by the ones who voted for you.Recommend

  • Dec 10, 2013 - 4:09PM

    Yes, if EU injects $60-70b in Pakistan, economy will throttle. But why will they? They have not done so for the past 60 years, what phenomenal step will the PM take that EU will do massive funding? He has already sold himself, and his people, what more does the EU want?
    Pakistan, a nation which has the heart of a lion, is nothing more than a circus weasel now due to the poor, spineless, vision-less and slave rulers that have been allowed to lead it.
    A nation which has $1t+ reserves in the belly of its provinces of KP and Baluchistan is forced to hold a bowl before foreign nations, and why? Because these slave rulers and their masters won’t allow them to develop us.
    My people, I spit venom and bleed when I see my country’s rulers holding begging as the only way to rescue us from this turmoil. By this statement, it should be clear how vision-less and slave-minded our incumbent rulers are.
    So much for “experienced” economic team, and the “lion” mascot.
    Shame on the PML-N voters who lifted beggars to throne, again.Recommend

  • Shaikh
    Dec 10, 2013 - 4:13PM

    Is there anything that you can do on your own? Always looking outside for supportRecommend

  • Sonya
    Dec 10, 2013 - 4:13PM

    Going against the agenda of self reliance of his own party – this man now thinks EU will help restoring Pakistan’s economy – wish this nation had a leader.Recommend

  • Faraz
    Dec 10, 2013 - 4:15PM

    Then what you are doing here? handover the country to Europeans, atleast the country would be run better. Recommend

  • Fighter
    Dec 10, 2013 - 4:18PM

    Noora wants his family business interests to be protected so anyone from NATO to KSA can use him as they want …….. his offshore bank accounts and business makes him a coward leader who lacks necessary vision to lead this country in difficult times.Recommend

  • rizkhan
    Dec 10, 2013 - 4:20PM

    Oh please stop the word game. EU support? If you have to beg and this restore economy, then what the point of you being the smart PM and industrialist. Anyone can safe this country with begging.

    Kamal tu tab hey when you can smartly uplift the economy within the resources we have.Recommend

  • PakistaniLoyalist
    Dec 10, 2013 - 4:24PM

    This man lacks vision, only if you were sincere with this country like you are sincere with your business, you wouldn’t go around beggingRecommend

  • NMA
    Dec 10, 2013 - 4:26PM

    Pakistans economy can be restored without anyone’s support Mr Sharif as long as corrupt self interested politicians as yourself stay away……. Recommend

  • PakistaniGuy
    Dec 10, 2013 - 4:28PM

    NS, you have ashamed us by your disgraceful behavior and begging mentality
    Instead of establishing the business sector and improving economy in the long term you just want to beg to keep you going for the remaining 4 years of your term.Recommend

  • Khan
    Dec 10, 2013 - 4:30PM

    @Fighter:
    @The Failed Rebel:
    Agreed. Time to kick this beggar out of the govt and the country… for good this time.Recommend

  • Khan
    Dec 10, 2013 - 4:46PM

    Dear PM where is your experienced team? Why cant you take bold steps?
    Please stop playing with this nation for the 3rd time, How many more chances do you want to be on track. I would rather suggest, Form an honest committee to oversea and then ask for help from your own nation (Qarz Utaro mulk sanwaro). first of all you should donate one of your corporation to pakistan then people should contribute.Recommend

  • RUKHSAR
    Dec 10, 2013 - 4:59PM

    Poor PM!!! you are not capable to run country like Pakistan.

    Recommend

  • Feroz
    Dec 10, 2013 - 5:00PM

    Hon PM Nawaz Sharif must come up with a better plan for the Economic management of the country. Shifting the begging bowl from the US to European Union is really not a good substitute. Who will want to provide Financial Aid to a country where militancy and extremism is spreading and the Government refuses to see the problem, leave aside tackle it. Why should Tax payers in other countries be generous when Pakistani citizens in Pakistan do not want to pay their Taxes ?

    Recommend

  • Pakistani
    Dec 10, 2013 - 5:05PM

    A true businessman who will only think about his business interests before anything else, will bend down in front of anyone anytime.

    Recommend

  • Fahad
    Dec 10, 2013 - 5:11PM

    @Khan:
    You are right. But seeing Nawaz’s past. I don’t think he will sacrifice his factories. He is calling for another coup!Recommend

  • Zhang
    Dec 10, 2013 - 5:25PM

    The same way Europe has helped restored Greece, or Ireland’s economy… what a blatantly stupid issuance…that kind of ‘tactful assuagance’ might work on soft Europeans, but it’s a little simple for a free people…btw, I wonder how much of Pakistan’s monetization is held by those venerable European Banks?

    Recommend

  • shah
    Dec 10, 2013 - 5:28PM

    Actually nobody pays more rent than the US.

    Recommend

  • Aalu Laylo
    Dec 10, 2013 - 5:29PM

    Today seems to be a very bad day for PMLN.Recommend

  • Munir
    Dec 10, 2013 - 5:30PM

    Dear Mr. PM if suckers like you continue to rule then Pakistan has no future at all. Musharraf built the country while you destroyed it before and doing the same now. When will our people understand not to vote for the corrupt rulers.

    Recommend

  • Nikki
    Dec 10, 2013 - 5:42PM

    Please make sure that there will be no demand for COMMSSION by any stake holder/s in PAKISTAN.

    Recommend

  • Prudence
    Dec 10, 2013 - 5:47PM

    Block NATO supplies until EU pays Pakistan $20 billion.

    Recommend

  • Last Word
    Dec 10, 2013 - 5:53PM

    Those who are criticising the Pak PM have to realise that Pakistan in its present state of the economic mess cannot do without foreign aid. The country do not have sufficient resources and funds even to pay salaries to its government employees including defence personnel. However to overcome this precarious situation, the civilian government has to take some drastic steps ie reducing defence expenditure, streamline the collection of taxes and electricity bills, curtailing govt expenditures, boost to exports etc. In order to achieve the targets, a long term policy needs to be made with strict implementation of the same but no such policy has been announced so far which would make situation more difficult each passing day. More importantly, all major establishments and political parties need to be on the same page to improve law and order situation in the country rather than following the policy of self serving political gains.

    Recommend

  • Ashkenazi
    Dec 10, 2013 - 5:59PM

    Maybe he should drop by Greece unless by EU he means Germany bailing out Pakistan a colonial banana republic.

    Recommend

  • DearNawaz
    Dec 10, 2013 - 6:00PM

    Hi, Im an EU citizen, not some N-League supporter who doesnt know any better (yes i’ve heard about your metrobus and laptops lawl), Dear Nawaz, no it can’t. The EU cannot do anything for you. The begging is embarrassing. The EU is totally finished, and on the brink of failure. Here in the UK most people want OUT of the EU.

    Recommend

  • Noorakushti
    Dec 10, 2013 - 6:03PM

    Loving the comments btw, Not the usual N-League drivel which Ch Daad and others spout.

    Recommend

  • sarah
    Dec 10, 2013 - 6:06PM

    Once a beggar always a beggar

    Recommend

  • Rex Minor
    Dec 10, 2013 - 6:17PM

    @SK:
    He would though be the right person for the post of the economic minister! He should make way in favour of the one who is able to lead the majority in the country. Democracy does not function efficiently when most of the people are illetrtate and have not the right judgement nor the opportunity to decide about the leadership.

    Rex Minor

    Recommend

  • Nikki
    Dec 10, 2013 - 6:26PM

    Don’t forget these are NATO’s memebrs (EU)…………linked with NATO’s supply.

    Recommend

  • Stellar
    Dec 10, 2013 - 6:41PM

    No country on earth can revive Pakistan economy…except the Pakistanis themselves. There is no other way out. Only a nation with dignity and honor rises and no aid can help it develop.
    The government need to first inculcate some honor and self esteem in their ranks, which it severely lacks.
    The people can happily live with no aid…and no bellicosity.

    Recommend

  • Stellar
    Dec 10, 2013 - 6:46PM

    @The Failed Rebel:
    You just nailed it…the government and the people are on totally different page here. People in general want to live with dignity and honor and with self esteem, and with no aid whatsoever, it is the government which is spineless and vision less, more hindsight than foresight. Downright deplorable and degradable.

    Recommend

  • polpot
    Dec 10, 2013 - 6:58PM

    NS is again and again displaying a defeatist attitude
    ++++++++++++++++++++++++++++++++++++++++
    Problems seem to overwhelm him. I dont expect him to last the full term.

    Recommend

  • Kaleem
    Dec 10, 2013 - 7:09PM

    @Stellar: Thats funny, people do not want to pay taxes and do hard work. They want many public holidays every month. They do not want to send their girls to schools. Yet, this public is living in delusion that our ancestors have been emperors. Times have changed and now money is real game. We need to work hard as nation if we want dignity. It has to be snatched, the only way.

    Recommend

  • netizen
    Dec 10, 2013 - 7:14PM

    This man with all his and money stashed in US, UK , Dubai and Saudi Arabia, is not a leader, he is a politician… a class and a breed which can be termed as vision less and devoid of any foresight.
    Putting Nawaz Sharif in the office was all on the cards, and the main agenda of the game plan..so as to keep the old policies vis a vis US and the west should continue. Enough reasons for despair.

    Recommend

  • Brigitte bardot
    Dec 10, 2013 - 7:40PM

    India has bangladesh to the east and bikharidesh to the left.

    Recommend

  • Abid
    Dec 10, 2013 - 7:42PM

    Beggers Belief!!

    Recommend

  • netizen
    Dec 10, 2013 - 7:58PM

    @Kaleem:
    A vast majority of people do want to pay taxes, provided an honest and competent government is at the helm of affairs. Now most of theirs, if not all of, their hard earned money payed in the form of taxes are pilfered through corruption in public enterprises, be it steel mills, PIA, NICL, to name just a few, it is on record that about RS. 500 billion is pilfered through corruption in the government owned public corporations. All that money is tax payers money, mostly payed by middle and upper middle class. The higher echelons like industrialists, bureaucrats, feudals and real estate developers don’t pay any taxes, save a few.
    And why is it that Pakistan ranks in top countries in philanthropy and charity…rivals Norway, Sweden, Finland and Denmark but the people are reluctant to pay taxes; the answer is people just don’t trust government( 70 percent of parliamentarians don’t pay taxes)
    There are no role models in the government(who pay taxes), and there are no one which the people can look up to as their messiah…waiting for some sort of real change though.

    Recommend

  • Muslim Leaguer
    Dec 10, 2013 - 8:03PM

    That true Sir! The EU has recently allowed GSP Plus Status to Pakistan, which gives access to enhance textile exports to Europe by more than US$ 700 Million (PKR 750 Billion) generating more than 25,000 employment opportunities and bringing precious foreign exchange in Pakistan.
    The pseudo-intellectual trolls of PTI will continue to burn in jealousy while Pakistan takes giant leaps ahead towards creation of income & employment opportunities in the country.
    Long Live Pakistan!Recommend

  • Truth Detector
    Dec 10, 2013 - 8:04PM

    He sounds like a PM of nation of beggars !! Why not bring all of yours & your cronies money back to Pakistan, Mr.PM? Why not implement drastic tax reforms & objective & unbiased accountability? Do you think there is any alternate to these steps?Recommend

  • unbelievable
    Dec 10, 2013 - 8:06PM

    Maybe some of you read a different article – the term support doesn’t mean begging nor does it mean aid – usually means trade. Pakistan fundamental trade problem is lack of diversity in goods – textiles are about all you have to trade and you have tough competition from India, China and Bangladesh (to name a few). Unfortunately to diversify trade you need foreign investment to develop mfg but your violence, corruption, xenophobia, and lack of adequate judicial system is a significant barrier. Recommend

  • Kirmani
    Dec 10, 2013 - 8:36PM

    it can only be restored if the corruption money of corrupt politicians, military and civil bureaucrats is brought back to Pakistan from abroad and squeezed out at home tooRecommend

  • Mudassir
    Dec 10, 2013 - 8:50PM

    Can someone please explain to me why this person can’t give a speech without reading it from a paper?Recommend

  • Youth
    Dec 10, 2013 - 9:04PM

    Allah bless Pakistan. Allah bless Nawaz Sharif. Entire youth is with PM Nawaz Sharif.Recommend

  • Pmahmud
    Dec 10, 2013 - 9:05PM

    After reading all the comments, it seems that ET attracts certain kind of people who have no practical solution to anything and have no understanding of politics. PM is asking for political support against drone attack and for more trade with EU. It is not begging. Economic growth in China and India is occurring because of trade and FDI. These commentators should be taking econ 101 rather than spreading ignorance. Recommend

  • Aumal
    Dec 10, 2013 - 9:17PM

    What a genius man he is!!!! He should be given a Nobel prize in begging……. So embarrassing….

    Recommend

  • Smoker
    Dec 10, 2013 - 9:19PM

    @Last Word: “Pakistan in its present state of the economic mess cannot do without foreign aid” …not particularly accurate.

    Recommend

  • BILAL BASHIR
    Dec 10, 2013 - 9:26PM

    Toothless tiger, Roars like a Lion and acts like a Coward.Shame on You Mr. PM

    Recommend

  • Taimoor
    Dec 10, 2013 - 10:06PM

    @Pmahmud:
    Yeah if you listen to him talking about drones, N league wants to put its house in order first. OK first lets fix your tax system, subsidies, and economic policies before going out and banging the begging bowl. Enjoy 5 more years of mediocrity sheep.

    Recommend

  • Crusader
    Dec 10, 2013 - 10:11PM

    ISLAMABAD: Reiterating his earlier statement, Prime Minister Nawaz Sharif said that drone attacks are unacceptable, Express News reported on Tuesday.
    These rhetorics ‘drone attacks are unacceptable’ just won’t work against the bellicosity of United States. Now ‘walk the talk’ and do some real tangible efforts. Actions speaks and not words…enough of these meaningless rhetoric. Give some strong message to the perpetrator.

    Recommend

  • Rex Minor
    Dec 10, 2013 - 10:27PM

    Not the EU Governments who themselves live on credits but the investors from the European Union could provide support and the impulse for Pakistan economy. I guess this is what Mr Nawaz Sharif meant in his speech. He must, however, lower down the barriers of beauracracy, remove the unrest among its people and terminate its pacts with leaders of war Nations.. Pakistan has the reservoir of the labour both skilled and unskilled, the ideal climatic conditions and the infra struture which has the potential for expansion, and more or less a vacuum in the industry sector, giving it the competitive advantage verses others in the region.

    O’h yes; there is no reason why Pakistan cannot become an important link in the world of industry.. Mr Sharif knows the right address of the industry which is the motor for the European economy and the fourth largest economy of the world.

    Rex Minor

    Recommend

  • Zen
    Dec 10, 2013 - 10:30PM

    @Muslim Leaguer:
    EU has not granted Pakistan GSP+ yet. The final meeting is next month. To get GSP+, Pakistan needed NOC from India and Bangladesh. To get NOC from India Pakistan said that it will grant MFN to India in 2012 and India issued a NOC to EU. Since MFN has not been granted, India will ask EU not to give Pakistan GSP+ to Pakistan. Pakistan has been playing a double talk policy for too long and has to suffer for it.

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  • Dec 10, 2013 - 11:19PM

    @Muslim Leaguer:
    The IMF loan in its own description and detail mentions that the loan package will devalue the rupee and will cause the unemployment of 1.2 million people.
    Even if we are granted that GSP+ status, we will only create 25,000 jobs. Is that enough? No.
    Due to the rising inflation and pro-rich policies, the blood of common man has started boiling.

    @All:
    The possible solutions to our problems are as follows:
    1. Massive excavation of minerals and oil in KP and Baluchistan. This will require substantial funding from foreign investors (This is where PML-N’s “experienced” and “business-friendly” government should have kicked in, but their masters aren’t allowing them to develop, why? read my blog based on ET posts)
    2. For immediate relief, oil contracts with Iran should be finalized. This will require immediate construction of refineries which can efficiently produce products from the Iranian crude oil.
    3. To immediately kick-start the industrial sector, the stagnant units in KP should be made functional through immediate construction of wind/solar power parks (KP has huge wind-power potential). Work should be done in 24/7 cycles and the highest quality firms from China/Germany should be contracted. Do note that if we work on this efficiently, the power generation will gradually increase, and we will start powering up industrial sectors as we go along; so no waiting till the project’s completion date.
    4. Thorough analysis should be done of the imports, what and why are we importing a certain element. E. g. For machinery, research initiatives should be undertaken, employing the country’s engineering force, to design inbred solutions. If we cannot immediately resolve this, investors should be encouraged to buy companies developing those machines.
    5. Monumental sugar cane plantation incentives should be given to increase the country’s ethanol output to be used in compliant car engines; diminishing the use of fossil fuels.

    These measures will will decrease reliance on foreign exchange considerably and help to stabilize the ailing economy. It is time for Pakistanis throughout the world to unite to lift their nation from this state. The rulers have ravaged the country for 60 years, it’s time we wake up and drag these vampires out on the streets!

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  • Oats
    Dec 10, 2013 - 11:39PM

    @Riz: Let him wear whatever watch he wants or whatever clothes he wants – at least Nawaz Sharif is improving the country and is working to improve relations overseas. Think about all the harm that was done by nearly a decade of Musharraf dictatorship and then 5 years of Zardari. No one added any electricity to the national grid and finally Nawaz Sharif is not only building energy plants but working to improve the economy. All the Indians here talking about begging should look at their own country first before crying about Pakistan working for trade and co operation. I hope Nawaz Sharif keeps up his good work!

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  • waqas
    Dec 10, 2013 - 11:43PM

    @Muslim Leaguer:
    700 million US$ equal to approx 70 billion pkr not 750

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  • Parvez
    Dec 11, 2013 - 12:09AM

    Mr. Nawaz Sharif the day you and other leaders understand that only Pakistan can help Pakistan to improve its economy………that will be the day we progress.

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  • leela
    Dec 11, 2013 - 1:45AM

    Why not ask for support from other brotherly countries of the ummah, rather than the EU?

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  • polpot
    Dec 11, 2013 - 3:50AM

    Sack NS’speech writer I am available
    ++++++++++++++++++++++++++++++++
    How to say “Nawaz said that with the EU’s collaboration and support, Pakistan’s economy could be restored.’?
    Say; I invite EU as partners in the dynamic and accelerated growth of the Pakistani economy.

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  • rkfrom ny
    Dec 11, 2013 - 5:05AM

    so today the begging bowl is before EU..????

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  • truthbetold
    Dec 12, 2013 - 2:46AM

    Why does any country that can afford to spend $3B a year on nukes and spends 65% of its budget on the military (including salaries, pensions, capital items, debt servicing on debt accumulated from past military purchases etc.) need any support from the foreign countries to “restore” its economy?

    Or, is this just euphemism for begging for free money as usual?

    Recommend

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