Cabinet reposes trust in prime minister

Decides to consult opposition on ToRs; demands ICIJ determine those who included Nawaz’s name in Panama Papers

ISLAMABAD: The cabinet on Wednesday, while reposing confidence in Prime Minister Nawaz Sharif, decided to consult the opposition on the Terms of Reference (ToRs) for the inquiry commission to probe the revelations made by the Panama Papers.

The cabinet demanded the International Consortium for Investigative Journalists (ICIJ) to determine those responsible for ‘erroneously’ including the name of Prime Minister Nawaz Sharif in the Panama Papers and levelling baseless allegations against him and proceeding for stern and immediate action against them. The cabinet strongly condemned the unjustifiable allegations which the ICIJ now acknowledged as a mistake.

This was decided by the federal cabinet during an important meeting held at the Prime Minister’s Office under Prime Minister Nawaz Sharif on Wednesday.The cabinet, while reposing full confidence in the leadership of Prime Minister Nawaz Sharif, appreciated his decision to offer himself and his family for accountability before the Supreme Court of Pakistan.

The cabinet expressed its resolve that the Pakistan Muslim League (PML-N) and the people of Pakistan would not allow a few regressive opportunists to subvert the unprecedented stride of Pakistan towards development and prosperity. The cabinet members endorsed the Terms of Reference (ToRs) for the inquiry commission to probe the Panama Papers.

The cabinet meeting took up the agenda focused on the budget strategy for the next financial year and the economic endeavours of the government. The prime minister said on the occasion, “Our economic policies should be welfare oriented ensuring benefits of economic progress are delivered to the common people.”

He appreciated the fact that the overall economic progress achieved during the last three years of the government had set the stage for further progress and development of the country. He noted that the key economic indicators, which were at rock bottom three years ago, had improved remarkably and it would lead to allocating more resources for the welfare of the poor and promoting the development agenda of the government.

The prime minister expressed satisfaction with the strategy for increasing revenue collection and emphasised that the taxation system should be strengthened by widening the tax net.

The prime minister further said that the government had made efforts to lower the fiscal deficit to a reasonable level by introducing financial discipline in the public sector. He appreciated the contribution being made by the expatriate Pakistanis by sending their remittances to Pakistan. He directed that steps should be taken to facilitate the overseas Pakistanis to send remittances through the banking channels. The prime minister also directed the Ministry of Commerce to gear up efforts to increase exports.

The cabinet meeting took note that while benefits of mega projects in the pipeline would start unfolding from the next year, immediate measures were needed to encourage investment by the private sector.

The prime minister said that the current trend of GDP growth would continue to increase employment opportunities for the youth. He noted that with the China-Pakistan Economic Corridor (CPEC) projects commissioning in the next few years, there would be huge opportunities for the whole region to benefit.

He said that the Chinese Council had already approved $4.5 billion for projects of Sukkur-Multan and Havelian-Thakot Motorways. He mentioned that from 1999-2013, successive governments had failed to invest in the energy sector and this government had initiated a number of energy projects for power generation. The $34 billion of energy projects under the CPEC were investments and not loans, he added. He said that the government would successfully overcome the gas shortage within the tenure of this government.

The prime minister said that all the international financial institutions had acknowledged the economic turnaround of Pakistan. He mentioned that efforts were being made by a few political opponents to undermine the country’s economic take-off, but the people of Pakistan would not allow them to succeed.

The prime minister emphasised that they must address the issues of agriculture and manufacturing sectors to boost growth and put in efforts to strengthen the country’s economy.

The prime minister appreciated the performance of Finance Minister Senator Muhammad Ishaq Dar and his team for achieving the goal of economic stability in the country and carrying forward the development agenda. The prime minister said that efforts had been made for keeping the inflation rate under control and observed that the average inflation during the past three years had remained at the lowest. He expressed satisfaction that the expected large-scale manufacturing at a growth rate of 4.35 percent would be the highest in the last eight years.The cabinet after detailed discussion gave approval to the budget strategy paper 2016-17.