PM says higher taxes no longer viable

Says vital to honour IMF commitments Wants interest rate to go down to 6 per cent Vows transparent sell-off of S

KARACHI:

Prime Minister Shehbaz Sharif has cautioned that Pakistan cannot continue functioning with higher taxes, stressing that it was imperative to honour the commitments made with the International Monetary Fund (IMF) in order to ultimately bid farewell to the global lender.

The prime minister was addressing to a ceremony at the Pakistan Stock Exchange to mark the exceptional performance of PSX and becoming the top stock market in the world.

"We need to honour IMF commitments - we can't just say tata bye bye (dismiss the programme on a whim) once we take off," he said and added, "We will say goodbye to it forever once the time is right."

The prime minister underscored the significance of progressive taxation and structural reforms and said that Pakistan had a target of enhancing the tax-to-GDP ratio to 10.6 per cent under the commitments with the IMF but "we have taken the ratio to 10.8% that is a major achievement".

Expressing satisfaction over significant decrease in the policy rate from 22% to 13%, he noted that there was more space available to further decrease it but added that any such move must be made in a prudent and cautious manner.

The premier insisted that there was a need for investment now, recounting that the State Bank of Pakistan's (SBP) interest rate went from a record-high of 22 per cent to 13pc.

"Investors here say there is still a gap of 8 points - I would want it to go to 6 per cent," he stressed, "But it has to be done with an alert mind, with prudence, so we don't get trapped in the future.

"We have to move bravely but with caution," he added. "Regarding that, how do we actualise export-led growth? Everyone says growth should be export-led, that FDI [foreign direct investment] should be export-led so that profits come and dollars are present so we can retain them - all very well said but I need tangible proposals on how to implement export-led growth."

The Prime Minister Shehbaz Sharif, vowing to take forward the agenda of economic stabilisation and reforms, on Wednesday said that the vigorous collective efforts has resulted in macro level stability, saying "now we have to convert it into sustainable economic growth".

He highlighted the growth opportunities in agriculture, mines and minerals sectors and said foreign investors who recently visited the country shown interest to bring investment and technology to Pakistan. "We want to utilise the natural resources for promoting manufacturing in the country and employment generation with a strategy of taking the Pakistan to new heights."

Referring to the privatisation process and structural reforms in public sector entities, the prime minister said that the state-owned entities made losses of billions of rupees in previous years. He outlined that government was committed to ensure complete transparency in the privatisation of PIA and other organisations and following the endeavor process of outsourcing of certain services at Islamabad International Airport was completed in transparent manner recently.

The ceremony was attended by Deputy Prime Minister Muhammad Ishaq Dar, Finance Minister Muhammad Aurangzeb, Information Minister Atta Tarar, Governor and Chief Minister Sindh, Chairperson PSX Shamshad Akhtar and distinguished business and trade personalities.

The prime minister felicitated the PSX for achieving the tail-winds and stressed on sustaining the momentum as our actual target is economic growth with prudent utilization of immense natural resources and skills and expertise of experienced business and trade leaders so that we could lead the country to path of progress and prosperity and preventing the economy from the boom and bust cycles.

He said Karachi the city of lights is nerve center of Pakistan's economy and feedback and suggestions of the investors of the city would prove beneficial for boasting the growth. The government will welcome tangible proposals and recommendations by the business community for actualizing the export led growth.

Later, the Prime Minister Shehbaz Sharif, along with DPM Ishaq Dar, Finance Minister Aurangzeb, CM and Governor Sindh, chairperson and CEO of PSX struck the gong to mark the remarkable performance of PSX.

Faceless Customs Assessment System

Prime Minister Muhammad Shehbaz Sharif said that Pakistan has attained favourable macroeconomic indicators and now it is incumbent upon government functionaries, investors, exporters, and all stakeholders to collaborate synergistically for further strengthening the economy while the comprehensive integration of the entire economy via an e-governance system would be executed.

He said this while sharing his views at the inauguration ceremony of Faceless Customs Assessment System (Central Appraising Unit), at South Asia Terminals Pakistan (SAPT), during his day-long visit to the port city.

He said that the macroeconomic indicators like our exports which increased by 11 percent while the Information Technology – IT Exports that registered 34 percent increase, are positive.

The prime minister congratulated the Finance Minister, FBR, Karachi Port and the Customs department on behalf of the government on the successful launching of Faceless Customs Assessment System.

He said that with the launching of this project, now the Goods Declarations time of a consignment is 10 minutes and if there are more than one items are part of the consignment, it may take 15 to 20 minutes.

Earlier, the prime minister visited the Faceless Customs Assessment System (Central Appraising Unit), at the SAPT here.

AKU Manual of Clinical Practice Guidelines

Prime Minister Shehbaz Sharif on Wednesday said the government was committed to ensure optimum healthcare facilities to people, as these were the foundation for a thriving society and hallmark of clinical excellence, professionalism and ethics.

Addressing at the launching ceremony of the AKU Manual of Clinical Practice Guidelines at the AKU Auditorium, the PM said it was a honour and privilege to be here at the Aga Khan University, a beacon of knowledge and innovation with its unwavering commitment to excellence in medical education, research, and patient care.

The launch of the AKU Manual of Clinical Practice Guidelines was a landmark achievement that reflected this institution's resolve to elevate standards of healthcare, he added.

Prime Minister Shehbaz also commended the legacy of the Aga Khan family towards supporting initiatives for the social and economic uplift of our country.

He said AKU's Manual of Clinical Practice Guidelines was a valuable resource that could serve as a guiding manual for hospitals and health facilities to provide people with the high-quality, evidence-based care they deserve, which was also the vision of his government.

He expressed the optimism that the University would continue to work closely with government institutions and professional organizations to ensure that such practice guidelines were widely distributed and readily accessible.

The Prime Minister said country's healthcare system was unfortunately riddled with many hurdles and challenges, such as limited access to quality care in rural areas, shortages of skilled professionals, and the dual burden of communicable and non-communicable diseases.

The quality healthcare for all Pakistanis had always been a critical priority for him, as reflected in Punjab's exemplary track record during his tenure as Chief Minister, he said, adding "from establishing world-class tertiary care hospitals like

Sheikh Zayed to equipping every district with advanced diagnostic tools such as MRI machines, we made significant strides."

He said Pakistan Kidney and Liver Institute and Research Center (PKLI) had also been launched, with the aim to provide advanced care, promote prevention, offer top-tier education, and foster research to bridge science and clinical practice for all, irrespective of specific distinctions.

He said PKLI was the first public sector hospital in South Asia to achieve the highest accreditation in healthcare awarded by Joint Commission International (JCI). More than 1200 kidney and liver transplants have been performed successfully to date, with 75% of the patients receiving free or subsidized treatment, he added.

He said "institutions of global standards and international prestige like AKU and PKLI give us hope, bridging the gap between the many challenges we face and solutions we need, and empowering our healthcare system to evolve and respond to the needs of every citizen."

PM Shehbaz said "in today's rapidly advancing world, the integration of modern technology, artificial intelligence, and tele-medicine into healthcare is no longer a luxury - it is a necessity." "By embedding the best practices outlined in this manual into these advancements, we can revolutionize patient care, expand access to remote regions, and enhance outcomes for millions of Pakistanis," he added.

The Prime Minister said he firmly believed that partnerships and collaborations between visionary institutions like Aga Khan University and the public sector were pivotal for transforming the healthcare landscape of Pakistan.

Shehbaz Sharif also congratulated the authors, researchers and contributors of this manual and said the AKU team's hard work and dedication to improving clinical practices will have a lasting impact on Pakistan's healthcare system. "These efforts are investments in our nation's future - a future where every citizen, regardless of their background, has access to affordable healthcare."

He said the Aga Khan University had established itself as a shining example of what can be achieved with vision, passion, and perseverance.

Earlier, Prime Minister Shehbaz Sharif launched the AKU Manual of Clinical Practice Guidelines, a groundbreaking resource, tailored to Pakistan's diverse healthcare landscape.

The launch event was attended by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, Governor Sindh Muhammad Kamran Khan Tessori, Chief Minister Sindh, Syed Murad Ali Shah, Federak Minister for Finance & Revenue Muhammad Aurangzeb, State Minister for Information Technology and Telecommmunication Shaza Fatima Khwaja, Ms. Shaza Fatima Khawaja, Coordinator to Prime Minister on National Health Services on Regulation & Coordination Dr. Malik Mukhtar Ahmad Bharath, Chairman of the Aga Khan University Board of Trustees Dr Sulaiman Shahabuddin, Zakir Mahmood and President Aga Khan University (AKU) Dr. Sulaiman Shahabuddin, President of Aga Khan University (AKU).

This manual reflects years of rigorous research and dedication to address Pakistan's lack of standardised clinical practice guidelines. Using the GRADE-ADOLOPMENT methodology, it integrates global best practices with local expertise to ensure relevance. The initiative seeks to improve patient outcomes, reduce burden on tertiary care system, and strengthen the country's healthcare infrastructure.

President AKU Dr. Sulaiman Shahabuddin and Dr. Adil Haider and Dean of AKU's Medical College and Editor-in-Chief of the manual also spoke on the occasion.

Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Information and Broadcasting Attaullah Tarar, Federal Minister Dr Khalid Maqbool Siddiqui, State Minister Pervez Malik, Coordinator to PM on Health Dr Mukhtar Ahmed Bhart, Sindh Governor Kamran Khan Tessori, Chief Minister Sindh Syed Murad Ali Shah, President Aga Khan Foundation Sultan Ali Alana and experts in health sector were present on the occasion.