Political Stability Crucial for Economic Growth, Says PM Shahbaz Sharif
Prime Minister Muhammad Shahbaz Sharif emphasized the significance of political stability in achieving sustainable development and economic prosperity for the country. Speaking at a gathering of industrialists and businessmen in Karachi, he acknowledged the prevailing inflationary pressures that existed when his government assumed power.
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Investors as Pakistan’s Ambassadors: PM Shahbaz Sharif
Addressing the audience, the Prime Minister recognized investors as crucial ambassadors of Pakistan on the global stage. He praised their efforts in driving employment opportunities, promoting production, and boosting exports within the country. PM Shahbaz Sharif stressed that foreign investments were vital for Pakistan’s economic growth.
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Climate Change and Devastating Floods Worsen Economic Situation
Highlighting the impact of climate change, the Prime Minister lamented the destructive floods that wreaked havoc on the nation. Billions of rupees were expended for the rehabilitation of flood victims, with the federal and provincial governments contributing significant resources. This calamity had a severe adverse effect on the country’s economy, compounding the existing challenges.
Rising Oil Prices and IMF Program Conditions Pose Challenges
PM Shahbaz Sharif acknowledged the detrimental effects of surging global oil prices, which contributed to Pakistan’s largest import bill in history. Additionally, he explained that despite the low liquefied natural gas (LNG) prices during the COVID-19 pandemic, the contract was not signed in a timely manner, resulting in significant losses. The Prime Minister highlighted the strict conditions imposed by the International Monetary Fund (IMF) as necessary for the country’s economic stability.
The Prime Minister expressed gratitude towards Pakistan’s friendly nations, who extended their support without any conditions. These countries deferred loans, and Chinese banks also provided relief by deferring commercial loans. Prime Minister Shahbaz Sharif affirmed the government’s commitment to fulfilling the IMF program requirements, emphasizing the strong bond of friendship with China, which sets a unique example of cooperation and support for Pakistan’s development.