IMF agreement laid basis for economic reforms; says PM Shehbaz

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif reiterated his call for the nation to unite on Charter of Economy to ensure the consistency of economic policies and put the country on the course towards progress and prosperity.

The PM, addressing the groundbreaking ceremony of Islamabad Model Special Economic Zone, the prime minister said the government would abide by the IMF agreement which had laid a basis for the economic reforms.

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He said with the signing of the IMF agreement, the risks for default had ebbed away and the country would have to focus on boosting exports to compete with the neighboring states, particularly the eastern neighbour.

PM Shehbaz said the Islamabad Model Special Economic Zone was launched with a delay of five years as nine SEZs were planned to built under China Pakistan Economic Corridor (CPEC).

He said despite the land and designs finalized for the SEZs in Punjab, the previous government not only impeded the projects but also made a conscious effort to undermine the Pak-China ties.

The PM said that during Nawaz Sharif’s tenure, $30 billion Chinese investment came to the country in form of CPEC featuring power and road projects.

He told the gathering that after the Chinese industry has gone hi-tech, Pakistan had the golden opportunity to learn from the Chinese textile expertise, form joint ventures, and bring Chinese second-hand machinery to Pakistan to boost its exports.

He said during the last 14 months, the incumbent government remained in “fire-fighting” as it had to cope with the unprecedented floods and record inflation begotten by the Ukraine war.

The PM said after the IMF agreement, the government would mainly focus on boosting the industrial and agriculture sectors.

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He told the gathering that a Special Investment Facilitation Council has established with a mandate to attract investment to the agriculture, mining, information technology, and exports sectors.

The prime minister argued that prosperous countries constantly tried to overcome challenges by drawing learning from their errors and exporting imported cotton worth $40 billion.

“At this point, we must find a way to pay off the loans and draw in investment. To encourage investment from China, the United Arab Emirates, Qatar, and other countries, among others, is the purpose of the Model Special Economic Zone, he continued.