Threat of bankruptcy averted, prosperity next target: PM

Prime Minister Shehbaz Sharif said on Monday that having steered Pakistan out of the verge of bankruptcy, the coalition government was now striving to bring prosperity through dedicated efforts and by exploiting all of its energies.

Addressing a reception he hosted for the lawmakers belonging to the ruling coalition, the prime minister said that the agreement with the International Monetary Fund (IMF) was about to be reached, containing “very tough” conditionalities.

“Despite its tall claims of building a Naya Pakistan, the previous government could not tax the affluent class. However, the incumbent government put this class under direct tax to make them share the burden of the poor people,” he added.

Calling it a revolutionary step, he said that imposing a direct tax on the rich would bring in Rs200 billion to the national kitty. “This is a direct tax, not on sugar, iron or textile which could be passed on (to consumers). This is on the owners of the businesses and their income.”

Considering inflation, he said, the government had provided relief to the poor people through the Benazir Income Support Programme (BISP). Despite the price hike in oil and gas, the government was striving to meet the country’s energy needs, he added.

He hinted at launching a programme to promote solar energy in the country. Similarly, he said, the government had also averted a crisis of edible oil by timely importing the commodity from Indonesia.

In order to ensure low-cost power generation, the prime minister continued, the government would import high-quality coal from neighbouring Afghanistan, which would save $2 billion in foreign exchange.

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The prime minister said that the government was also strategising to enhance indigenous production of edible oil to save $4 billion. “The enhancement of cotton and wheat production is also on our agenda to support and stabilise the national economy,” he added.

“Pakistan will seek technical support from the friendly countries, instead of seeking aid from them,” he said. “Begging should come to an end. This will come to an end. A new era will usher in. In 14 months of our term, we will change fate of the country,” he resolved.