The positive effects of economic reforms introduced by the government are becoming clear. This progress contradicts all propaganda against these measures.
Many critics blame the economic reforms for rising poverty, financial difficulties, and the decline of industries. Some also attribute the tax burden on the poor and government overspending to these policies. However, the reality is different. The government has gone beyond the conditions of the IMF program by implementing broad reforms. These include restructuring the energy sector, expanding the tax system, and fighting corruption.
Reforming subsidies was necessary, but the government also increased social security. The Benazir Income Support Program was raised by 25% to help vulnerable communities. Experts believe that the rise in poverty is not due to the IMF program alone. Global challenges like the COVID-19 pandemic and other economic crises have impacted Pakistan’s industrial sector.
To handle the crisis, the government adjusted energy prices and took new steps. The Special Investment Facilitation Council (SIFC) is also working to revive industries. Investments in agriculture, IT, and other key sectors are being encouraged.
Progressive policies have been introduced, such as higher income taxes on the wealthy and a windfall tax on banks. The government also reduced unnecessary spending. At the same time, salaries and pensions were increased to prevent brain drain.
Due to these economic reforms, inflation is declining. A strict monetary policy and falling global prices have helped stabilize the economy. The rupee has strengthened, and the independence of the State Bank has improved price stability.
The government is also controlling circular debt through energy tariff adjustments, privatization of state-owned enterprises, and better debt management. These measures have improved Pakistan’s financial situation and helped address key economic challenges.
Through these economic reforms, the government aims to put Pakistan on the path of stability. However, the full impact of these policies will take time to be realized.
