ISLAMABAD – Prime Minister Shehbaz Sharif underscored Pakistan’s remarkable progress since the economic crisis of June 2023, describing it as a pivotal turning point. Recalling that harrowing period, he stated, “Pakistan was on the brink of default at that time.”
Addressing the inauguration ceremony of the Pakistan Governance Forum, Prime Minister Sharif heralded the forum’s potential to guide the nation toward sustainable development. He emphasized that tax evasion in indirect taxes would be curtailed and direct taxes reduced in the upcoming federal budget.
Sharif pointed out that efforts were being made effectively under the “Uraan Pakistan” initiative by the Planning Minister Ahsan Iqbal. The prime minister mentioned that Utility Stores Corporation, a notorious hub of corruption, was shut down during Ramadan due to billions of rupees ending up illegally in people’s pockets.
He noted electricity theft had been brought under control, with Rs200 billion worth of losses curbed—considered a significant achievement. Additionally, the government reduced electricity prices by Rs7 per unit, he added.
Shehbaz Sharif also addressed the controversial Pakistan Public Works Department (PWD), explaining that despite receiving numerous recommendations for its continuation and pressure from stakeholders, it was ultimately dissolved due to legitimate concerns about solar energy policies.
On the economic front, Sharif highlighted a substantial improvement in Pakistan’s overall situation. “The policy rate, which stood at 22 percent then, has now fallen below single digits,” he noted. However, he stressed that more work needed to be done for the country to firmly establish itself on the path of growth.
Concluding his remarks, the prime minister vowed to implement strict measures against tax evasion in indirect taxes and ensure the next federal budget aimed at providing relief by reducing direct taxes.