PM promises reforms to tackle economic crisis

MUZAFFARABAD: Prime Minister Shehbaz Sharif has reiterated the government’s determination to navigate the country out of economic challenges by implementing structural reforms in the economic sector.

Speaking at a cheque distribution ceremony for those affected by torrential rains and snowfall here Friday, he emphasised the need to increase the tax-to-GDP ratio, harness natural and agricultural resources, and combat issues like smuggling and power theft. Shehbaz Sharif highlighted the urgency of resolving tax evasion issues to boost the country’s resources, underscoring the importance of adequate resources for vital sectors like health and education. He acknowledged the current practice of paying federal employees with borrowed money and stressed the necessity of making tough decisions to address the nation’s key challenges.

Regarding the losses incurred by State Owned Enterprises (SOEs), the prime minister disclosed significant financial burdens, including Pakistan International Airlines’ staggering losses amounting to Rs825 billion and an annual loss of Rs500 billion due to power theft.

Addressing recent damages caused by natural disasters in AJ&K, Shehbaz Sharif expressed condolences for the lives lost and injuries sustained.

He said Rs2 million each would be distributed among the families of the deceased and Rs500,000 each to those injured in the recent incidents.

Similarly, Rs 700,000 each would be given to those whom houses were completely damaged while Rs 350,000 would given to those whom houses were partly damaged.

He assured continued support from the government and announced financial aid distribution plans for affected families. Prime Minister Shehbaz Sharif also met with his counterpart of Azad Jammu and Kashmir wherein he reiterated Pakistan’s support to the people of Kashmir for their right to self-determination.

The prime minister, who arrived here on a daylong visit to interact with the rain-hit areas and distribute relief cheques among them, reaffirmed Pakistan’s unconditional support to the Kashmiris. The AJK prime minister congratulated PM Shehbaz on the assumption of the office and expressed good wishes for him. He also expressed gratitude to Shehbaz Sharif for paying a visit to AJK soon after assuming the office. He said that PM Shehbaz’s visit to meet with the rain-hit people manifested that the hearts of the people of Pakistan beat with those of their Kashmiri brothers and sisters.

Additionally, Prime Minister Shehbaz Sharif emphasised the government’s commitment to empowering youth, particularly women, by providing better educational facilities, vocational training, and access to technology tools. He applauded the efforts of award-winning women and underscored the importance of further policy interventions and resource allocation to support women’s rights and progress in society.

The ceremony in Islamabad also witnessed the distribution of awards to women achievers in various fields, with parliamentarians, diplomats, and women from diverse backgrounds in attendance. Meanwhile, Prime Minister Shehbaz Sharif expressed gratitude to China, Turkey, and the United Arab Emirates for their congratulatory messages on his assumption of office.