Shehbaz claims credit for averting default as he bows out

ISLAMABAD:

Prime Minister Shehbaz Sharif, in his last address to the nation on Sunday, defended the legal and constitutional credential of his 16-month government, which he said, successfully averted the threat of default.

Shehbaz, who took over the government in April last year following the success of the no-confidence motion against then prime minister Imran Khan, said that country had been put on the path to progress.

The prime minister began his speech by announcing that he was handing over the responsibility of running the country to a caretaker government, at the conclusion of his government’s tenure.

“We came to power through constitutional way and leaving [the government] in a constitutional way,” the prime minister told the nation, as he prepared to hand over the power to interim set-up on Monday (today).

He congratulated Senator Anwaar-ul-Haq Kakar on his appointment as the caretaker prime minister of the country. “I am sure that … he [Kakar] will ensure that free and fair elections are held in the country,” he added.

Shehbaz has said that the Pakistan Democratic Movement (PDM)-led government faced a lot of difficulties after coming to power but it successfully averted the default threat through tough decisions.

He stressed that his government was formed through “constitutional means” and at the end of its term “my conscience is clear that I served honestly and transparently and followed the Constitution”.

The prime minister expressed gratitude to the nation and leaders of the coalition parties for reposing confidence in him, while fulfilling his responsibilities as the country’s chief executive.

“It is [also] a favour of Allah upon us that he gave us the capability and the courage to steer the country out of the worst economic, political and foreign policy crises in its history,” he said.

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“Time and record will be a witness that we saved the country from possible default and consequent destruction,” he said. In this regard, he referred to the bailout loan agreement reached with the International Monetary Funds (IMF).

While, listing the achievements of his government and measures put in place to put the country on path to progress and financial independence, the prime minister stressed that the IMF deal brought economic stability to the country.

During the government’s term, he said that 5,000 megawatts of energy was added to the national grid, while the Pakistan Stock Exchange (PXS) index soared to an impressive 49,000 points, the highest in six years.

He said that the Special Investment Facilitation Council (SIFC) had been established and a comprehensive plan had also been chalked out to achieve the goal of self-reliance.

He added that the federal government in collaboration with provincial governments and military institutions had started implementation of this comprehensive plan for the development and prosperity of the nation.

“We tread a thorny path during the last 16 months. It was clear soon after we came to power that Pakistan was facing extremely destructive circumstances. A delay of even a day would have caused irreparable damage to the state,” he said.

“Had we held elections immediately [after coming to power], we would have made political gains but the grave situation in the country did not allow us to make those gains,” he continued.

“We were not selfish and [we] prioritised Pakistan’s national interests. We took the most difficult of decisions, and time proved that we made the right decision,” he added.

Stressing that there was a general consensus on the narrative of achieving financial self-reliance, he stressed the need for working with diligently, and with sincerity to steer the country towards development and prosperity.

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Shehbaz blamed the previous Pakistan Tehreek-e-Insaf (PTI) government for the rising inflation and said that his government was compelled to take difficult decisions to save the country from default.

He said that if the country had defaulted, the nation would have been plagued by mass starvation, industries would have been ruined and unemployment would have been widespread.

Now, he added, the time had come to provide those resources to the impoverished and poor which were rightfully theirs. “The poor have given enough sacrifices. It is now time for the rich to render sacrifices.”

He expressed the hope that businessmen and industrialists would share the burden of the poor and contribute to making the country financially independent, as they had done in the past.

Stressing that the nation must rise above any dependency for its overall economic progress, Shehbaz emphasised that the approach of breaking the "begging bowl" was essential.

"We have sowed the seeds of advancement, yet the continuity of our policies is imperative. I hold the belief that if these policies are upheld for the next five years, they will yield favourable outcomes."

The prime minister expressed dismay over the orchestrated destruction of memorials and public assets. He cast a spotlight on the calculated nature of the chaos, implicating the leadership of the former ruling party.

He maintained that if his government’s economic policies continued, a significant reduction in inflation would be witnessed. He also lauded the armed forces for their sacrifices and bravery in protecting the country.

(WITH INPUT FROM NEWS DESK)