Economy direly needs reforms; charter of economy only way forward: PM

Prime Minister Muhammad Shehbaz Sharif on Saturday said that the country’s economy direly needed reforms, which in turn, could be undertaken in a stable political environment as the economic development was intrinsically linked to political stability.

On his Twitter handle, the prime minister stressed “It is here that the Charter of Economy appears to be the only way forward for our political parties to achieve prosperity for our people.”

The prime minister in a lengthy tweet referred to the laying of the fiscal budget 2023-24 said that it represented the beginning of the process to fix the economy’s long-term ailments.

The coalition government had prioritized the right areas that have the potential to spur economic growth, attract investment and make the economy self-sufficient, he added.

The prime minister said the making of budget (FY2023-24) was particularly a difficult task in view of the persistent challenges arising out of the floods-related relief and rehabilitation, global supply chain disruptions and geostrategic upheavals.

“Never-ending headwinds of political instability created by Imran Niazi damaged the economy and created uncertainty, as the country remained on the boil for well over a year,” he regretted.

Mindful of the impact of inflation, the prime minister said the government provided relief to the public sector employees and pensioners in the form of pay raise of up to 35% and 17.5% respectively, and increased minimum wage to Rs32000.

He said a more balanced budget that levied no new tax could not have been possible within the existing constraints.

The prime minister also commended all those who remained part of this exercise and played their role in the budget-making exercise.