Work on uplift projects be speeded up: PM

Says China waited for PML-N rule to launch CPEC: Pakistan becomes strong enough to say goodbye to IMF; Musharraf and others be brought before the NA and asked why they ruined Pakistan

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Thursday said China waited for the PML-N to be in power to launch the $46 billion CPEC project in Pakistan, and directed for speeding up work on development projects, including the China-Pakistan Economic Corridor.

Addressing the parliamentary party of the ruling PML-N here at the Prime Minister’s Office (PMO), he quoted the Chinese President Xi Jinping as saying that the China-Pakistan Economic Corridor (CPEC) was a gift from them to Pakistan.

Amid thunderous applause, Nawaz said the CPEC would change the destiny of the people. He said considerable improvement in the country’s economy had come about since 2013.“Foreign exchange reserves have increased phenomenally for the first time in history.

Pakistan has become strong enough to stand on its own feet; if the same continues, we will be able to say goodbye to the IMF soon,” Nawaz said.He said Pakistan had completed the IMF programme and expressed the confidence that the country will not need any new loan from the financial institution.

He asked for speeding up work during the remaining tenure and said terrorism had been eliminated to a large extent and the backbone of terrorists had been broken through Zarb-e-Azb.

He said as a result of government’s prudent policies, Pakistan had emerged as one of the emerging economies which had also been acknowledged by the international financial institutions and rating agencies.

Nawaz said foreign exchange reserves were record high and those who had withdrawn their investment in the past were reinvesting in Pakistan.

He said the situation in Balochistan and Karachi had improved significantly due to the steps taken by the government.He said Balochistan has been put on the path of development and the province will greatly benefit from the CPEC project.

He said the federal government had launched the Green Line bus project in Karachi on the pattern of metro bus projects executed in Islamabad, Lahore and Multan.

Nawaz said there were no charges of corruption and kickbacks against the government. Rather, he said, the government had saved Rs100 billion in the execution of power projects. The prime minister said the government had launched several motorway and expressway projects, which will benefit every area of the country.Taking on some opposition parties, he said certain elements were eager to come into power by any means.

Pakistan is our first priority, he said and reminded that success does not come by doing sit-ins but doing something for the people.“Not only are power plants being set up at a fast pace, but also the government has been able to save Rs1 billion from the actual cost of the deal,” he claimed.

He said development projects should have been started years ago. Referring to the coal reserves in Thar, the prime minister said reserves were being tapped for the first time in 70 years “whereas India has always used coal from Thar for their power projects.”

“Lots of power projects are being undertaken,” he said claiming that Chinese officials privy to project developments had said that they were being built faster than the projects launched in China.

“We want to deliver on the commitments we have made to the people. Why weren’t power projects given importance by the previous governments? Why weren’t they being set up when we came to power in 2013? If anyone cared about these projects between 2008 and 2013, why didn’t they do it?” he asked.

Nawaz said former president Pervez Musharraf and others who were in power be brought before the National Assembly and questioned by parliamentarians. “Ask them why they ruined Pakistan,” he said. “You were in power, why didn’t you pay attention to this problem?”

“Producing more power, ending loadshedding and supplying cheap electricity are our goals,” Nawaz Sharif said, adding that exploration of coal deposits in Thar and setting up coal-based power plants would aid in achieving this end.

“For the first time in 70 years in Pakistan’s history, coal is being extracted from Thar. This should have been done 70 years ago,” he said.

Pakistan is becoming an emerging economy, Nawaz claimed, congratulating parliamentarians on the news that the government’s agreement with the International Monetary Fund had concluded.

“The IMF today cleared payment to Pakistan of a final $102 million tranche in a $6.4 billion three-year programme.  It is our desire... that after this we will say goodbye to the IMF,” Nawaz Sharif said.

“There is no indication for miles that we will default,” the prime minister said.“No one calls us a failed state anymore. Foreign reserves are at historical levels,” he said, adding that there is an “investment climate” in Pakistan.

“It’s important to examine who was in charge when terrorism began, what the reasons were, what the factors behind terrorism rising were. If things had been run properly earlier, terrorism would not have entered Pakistan,” the premier said.

He conceded that Pakistan had experienced ‘blowback’ when military operations began in the tribal areas.“Economic development will be possible when there is no extremism. We have tried to maintain peace,” he added.