Daily Times

Besides successfully overcoming the monster challenge of floods and improving bilateral relations with countries, the PMLN-led coalition government has been succeeded to bring the economy back on the right track and saving the country from an economic default in its 16-month rule.

Financial and economic experts said that the revival of IMF agreement was a big achievement of the 16-month government of Prime Minister Muhammad Shehbaz Sharif that has not only saved the country’s from bankruptcy and economic default but also restored the confidence of international monetary institutions to invest in Pakistan. Muhammad Naeem, Professor of the Economics Department, University of Swabi said that saving the country from bankruptcy, IMF agreement and Economic Revival Plan (ERP), was one of the key achievements on the economic front of Prime Minister Shehbaz Sharif Govt.

He said that $3billion stand-by agreement with International Monetary Fund has helped Pakistan on economic, financial, investment and bilateral fronts and its trickled-down effects started with the rise of rupee value against the dollar and price stability in the open market. He said the economic revival plan was another achievement of the government that envisages capitalizing the country’s untapped potential in key sectors of defence production, agricultural, livestock, minerals& mining, IT and energy through indigenous development as well as investments especially from friendly countries. Dr Muhammad Naeem said the government has taken a bold step pertaining to establishment of Special Investment Facilitation Council (SIFC) to act as a single window interface for the potential investors and to adopt a unified approach.

He said SIFC would shorten hithertofore cumbersome and lengthy business processes through a cooperative and collaborative approach with representation of all stakeholders besides creating horizontal-vertical synergy between federation and provinces. He said it would help facilitating timely decision making and avoiding duplication of effort besides ensuring swift projects implementation. Work on CPEC projects were expedited during PMLN led Government and second phase of CPEC was launched which magnified present Govt investment friendly policies.

Under second phase of China Pakistan Economic Corridor (CPEC), he said that various projects in agriculture, IT, Industries and export sectors would be launched that would generate employment opportunities for youth. He said continuity of economic and financial policies were imperative to achieve all devolopment goals. Ikhtair Wali Khan, PMLN KP spokesman that work on all projects halted by the previous government, has been restarted across the country and all sectors including agriculture, IT, Textile as well as industries were promoted. As result of which, bumper wheat production was achieved this year in the country that stabilizes flour prices in markets. Wali said despite fragile economic situation, the government has provided free flour worth billions of rupees to people during Ramazan and financial relief to millions of flood victims.

The past government had damaged Pakistan’s reputation by violating the agreement signed with the International Monetary Fund thus played hovac with the country’s economy, he added. He said that bilateral relations with all friendly countries were significantly improved especially with China, Saudi Arabia and UAE by the present govt.