Prime Minister Shehbaz Sharif has instructed for an urgent action plan to be drafted to address the economic challenges, initiate negotiations with the IMF, and facilitate the privatization of underperforming government entities.
Shortly after assuming office, Prime Minister Shehbaz Sharif convened a meeting to discuss the country’s economic revival. During the session, the Finance Secretary provided a comprehensive overview of the economic situation to the Prime Minister.
In response, Shehbaz Sharif emphasized the immediate need for an action plan to rectify the economic conditions, highlighting that enhancing the country’s economy is the foremost priority of his government. He pledged unwavering support for the business community and emphasized the significance of recognizing and honoring diligent taxpayers who contribute to the nation’s economic growth.
Furthermore, the Prime Minister instructed the commencement of discussions with the IMF regarding the Extended Fund Facility without delay. He stressed the inevitability of automation to ensure transparency within the Federal Board of Revenue (FBR) and other institutions, urging for immediate action in this regard.
Moreover, Shehbaz Sharif underscored the necessity of privatizing financially unsustainable government-owned entities to alleviate the burden on the national economy. He mandated the establishment of a committee to devise a clear strategy for reducing privileges enjoyed by government board members and to facilitate the transition of power and gas sectors to smart metering, thereby minimizing losses.
Additionally, the Prime Minister emphasized the importance of formulating strategies to promote small and medium-sized enterprises (SMEs) to empower the youth and advocated for streamlining the government’s size by either merging or shuttering redundant institutions.
Shehbaz Sharif highlighted the significance of the Special Investment Facilitation Council in ensuring economic stability and pledged to bolster its effectiveness. He assured the provision of necessary facilities to the business community, investors, and youth, affirming his commitment to fostering economic growth and prosperity.