Islamabad (Commerce Desk): Prime Minister Shehbaz Sharif has said that the government has provided Rs2.3 trillion in tax relief and incentives in the budget, and the private sector must now lead the country’s economic growth.
Addressing a Pakistan Stock Exchange event via video link, the prime minister congratulated the finance minister, his team, ministers, and heads of relevant institutions on the economic measures. He said collective efforts had been made to bring the country out of economic difficulties, and attention is now focused on export-oriented economic growth.
Shehbaz Sharif said that during his recent visits to the United States and the United Kingdom, representatives of financial institutions in New York and London appreciated the reforms being carried out in Pakistan and said that favorable conditions for investment were emerging in the country.
According to the prime minister, Pakistan successfully issued Eurobonds, while the State Bank’s foreign exchange reserves have reached $21.4 billion. He said remittances and technology-related exports were also increasing, but the economy now needs to move forward on the basis of exports.
He said tax incentives had been included in the budget to promote industrial development and that the private sector would have to play a central role in economic activities. Praising the performance of the Pakistan Stock Exchange, the prime minister said further reforms were needed compared with regional markets.
Shehbaz Sharif referred to the substantial incentives and protection provided to certain industries in the past and said that despite this, those sectors had not achieved the desired increase in exports. According to him, this situation needs to be corrected to place the economy on a sustainable path.
The prime minister praised Field Marshal Asim Munir’s role in the country’s economic situation and also thanked the chairman of the National Accountability Bureau for the recovery of government land.
He said the impact of incentives provided in the budget for the construction sector had started to emerge, with improvement in construction activities being witnessed in various areas, including Karachi. According to him, major banks had also appreciated the government’s reform measures.
Shehbaz Sharif further said that Pakistan’s economic situation was discussed during his meeting with the head of the international financial institution. The prime minister said the government had provided a total of Rs2.3 trillion in tax relief in the budget, while the New Nazimabad and Lahore projects were also notable developments.