LAHORE: Punjab Finance Minister Mujtaba Shuja-ur-Rehman said that previous Pakistan Tehreek-e-Insaf (PTI) government created severe economic crisis.
More loans were taken in four years than by any previous government, the minister said. Addressing the Best Achievement Awards ceremony organised by the business community as a chief guest, the minister highlighted that in 2018, the country's economic growth rate was 6 percent, which has now dropped to 2 percent. He blamed the previous administration for obstructing the China-Pakistan Economic Corridor (CPEC), which was set to bring $50 billion investment in the country. He added that the inflation rate saw a record increase during this period.
The minister praised the efforts of Prime Minister Shehbaz Sharif and Chief Minister Maryam Nawaz over the past three months for tackling these challenges. He noted that they successfully reduced the inflation rate, which had been stuck at 20 percent for two years. This period also saw improvement in the stock market and a restoration of global investor confidence. Additionally, investment opportunities under CPEC increased, with China indicating a willingness to invest more, Shuja-ur-Rehman said and emphasised that sustainable measures have been taken to boost investment in a short span of three months.
The current government's economic policies prioritise public-private partnerships and are committed to creating a conducive environment for investment, he said and urged businesspeople to fulfill their responsibilities in this regard.
He presented awards to men and women who demonstrated outstanding performance as small business owners in 2023-24. The event was attended by prominent businessmen across Pakistan.