Prime Minister Shehbaz hopes that the upcoming IMF program will be the last

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has announced stringent measures to achieve the country’s economic goals, promising that this will be the last lending program with the International Monetary Fund (IMF).

In his address to the nation, Prime Minister Shehbaz expressed satisfaction over the revenue collection in the current financial year 2023-24, stating that the collection has increased by 30 percent compared to last year.

The Prime Minister said that new revenue collection targets have been set for the next financial year (2024-2025), stating that achieving these targets appears to be a “challenge”.

He assured that the federal government would strive to collect taxes and eliminate “corrupt” practices. Prime Minister Shehbaz said that during his official visits abroad, he looked for investment opportunities in Pakistan instead of asking for loans.

The Prime Minister assured that the government will facilitate investments through the Special Investment Facilitation Board, focusing on agriculture, energy and other sectors.

He praised Pakistanis abroad for sending remittances worth $3 billion last month, calling it their confidence in government policies.

On long-term economic plans, Prime Minister Shehbaz said Pakistan has embarked on our economic agenda for the next five years and is committed to maintaining the success of our economic strategies.

Prime Minister Shehbaz said that the private sector would be encouraged to set up new industrial units.

“Difficult decisions” to be made

Prime Minister Shehbaz also announced taking “difficult” decisions that will brighten Pakistan’s future.

“We (the government) will not tolerate any pressure and are ready to make any sacrifice for the country,” he added.

“In the coming days, people will see what major changes will take place. This fight begins against the elites,” said the Prime Minister, hoping that the nation would support him.

Economic recovery program

The Prime Minister also presented his five-year economic stability program.

“We have identified a future course of action and will pursue it with the utmost integrity and rigor. We will spend every zloty saved for public good. We will eliminate red tapism. This journey is not only difficult and long, but requires sacrifices from both the government authorities and the elites,” Prime Minister Shehbaz said in his speech.

Performance for 100 days

The prime minister said that since the government came to power, Pakistan has achieved several milestones, including reducing inflation from 38 percent to 12 percent.

“Reducing the interest rate on loans from 22 to 20 per cent, increasing investment in the country and providing relief to the public by reducing petrol prices by Rs 10.50 per liter are among the few steps taken by the government,” the Prime Minister added.

Prime Minister Shehbaz said that the reduction in crude oil prices will definitely benefit the common man. “Reducing the prices of petrol and diesel will bring some relief to people affected by inflation,” the Prime Minister said.

He said that the results achieved in the last three months were commendable. “We want to put the country on the path of progress,” he added.

He congratulated the nation of Pakistan and the Muslim Ummah on the auspicious occasion of Hajj and Eid-ul-Adha.

Gaza condemned the atrocities in IoJK

The Prime Minister also condemned the ongoing Israeli aggression in Gaza, describing it as unprecedented in human history. He also expressed sadness over the loss of lives of thousands of innocent people, including children, and prayed for the freedom of illegally occupied Jammu and Kashmir and Palestine.