PM Shehbaz vows to tackle debt, strengthen economy

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ISLAMABAD: Prime Minister Shahbaz Sharif on Tuesday praised the successful end of a staff level agreement with the International Monetary Fund (IMF) for a new 3 1.3 billion arrangements, emphasizing the need to eliminate debt and be on the path to sustainable economic growth.

Addressing a meeting of the Federal Cabinet on Tuesday, the Prime Minister acknowledged that achieving economic stability was a long and difficult journey, but he expressed confidence that Pakistan would develop through unmatched hard work and dedication.

The Prime Minister also praised the Deputy Prime Minister, Finance Minister, Minister, Minister, Trade, Minister of Commerce, Minister of Commerce, Minister for Economic Affairs, FBR Chairman, FBR Chairman, FBR Chairman and other key members of the economic team for their urgent work in obtaining the IMF agreement.

He considered the doubts of the opposition, who predicted that a mini -budget would be necessary to secure the deal. However, Premier emphasized that the contract was obtained without the need for additional tax measures, which proved the government’s commitment and planning.

Shahbaz also acknowledged the difficulties facing the common people who bear the burden of raising prices during the process of achieving economic stability. In addition, he paid tribute to the salaried people who gave a significant share in tax collection.

The Prime Minister said that the government has received $ 1.3 billion from the IMF, which will raise Pakistan’s foreign reserves to $ 8.3 billion.

He also highlighted the contribution of all provincial governments and their respective ministers in supporting the federal government in obtaining the IMF agreement.

Highlighting the government’s success in overcoming tax collection goals, he said that the IMF’s purpose is 10.2 percent tax ratio proportion, but with the strong performance of the economic team, the tax proportion of GDP has reached 10.6 percent, which has been the highest in the last four years.

“This performance reflects a 26 percent increase in tax collection so far,” he added.

“Pakistan’s tax collection target for the year 2024-25 was fixed at Rs 12.9 trillion, and the IMF initially insisted on maintaining the original data, despite the proposal to review the target below. After a successful negotiation, the target was initially racked up,”

Prime Minister Shahbaz emphasized that the government has planned to track the pending tax cases in tribunals worth billions of rupees and said that the government has recovered Rs 34 billion as a result of this decision.

Similarly, he said that unprecedented reaction in Karachi is going on successfully while the process of hiring international corporate lawyers is underway.

Due to the government’s reforms in the sugar sector, the Prime Minister said that Rs 12 billion more tax was collected this year than last year and it is hoped that a total of Rs 60 billion will be collected this year. “This model will soon be copied in the fields of cement, tobacco and textile,” he added.

Regarding the Ramadan package, the Prime Minister emphasized that unlike in the past, the government introduced a new digital wallet system to distribute deserving families in a transparent manner.

Prime Minister Shahbaz emphasized the importance of maintaining peace and eliminating terrorism that he is the key pillars of the country’s development. He pointed out that peace was directly linked to economic development and prosperity.