Daily Times

The economy is showing signs of improvement due to government initiatives and measures taken to meet conditions set by the International Monetary Fund (IMF) and other lenders. While progress is visible, economic stability is still a long way off.

Foreign exchange reserves have increased, remittances are rising, and exports have grown. The trade deficit has come down. Inflation has eased slightly but the prices of many essential items remain high, making them unaffordable for the poor and middle class. The energy sector faces a circular debt of Rs 2.393 trillion, with concerns that it could grow by another Rs 36 billion this financial year. New taxes and higher rates of existing ones are adding to the financial burden of consumers. These factors are straining the purchasing power of citizens.

Prime Minister Shehbaz Sharif chaired a high-level meeting earlier this week to review the economic situation. The finance ministry briefed the meeting about recent discussions with IMF officials. The prime minister directed authorities to intensify actions against tax evaders and their facilitators. He emphasized prioritizing public relief over other actions, highlighting that economic progress requires everyone to fulfill their responsibilities.

The prime minister expressed satisfaction that the economy is on the path to stability, with foreign investors showing trust in government policies. Improved economic indicators have boosted the stock market, and growing business activities are creating new job opportunities. Increased remittances have strengthened foreign exchange reserves. Additionally, agricultural reforms in Punjab are expected to help improve the economic condition of rural communities.

However, national economic growth requires all sectors to contribute by paying taxes. Participants in the meeting were briefed on current inflation trends, efforts to combat tax evasion, and measures to enhance revenue collection. The prime minister also urged Saudi Arabia to fulfill its financial commitments promptly to achieve the desired economic outcomes.

Despite political and economic challenges, the government’s policies demonstrate a commitment to putting the country on a stable economic path. With international support from institutions, China, Saudi Arabia, the UAE, and other friendly nations, significant hurdles have been overcome. Further success depends on national efforts. Paying taxes is essential for economic self-reliance, which in turn attracts investment and strengthens the state financially. *