ISLAMABAD: Prime Minister Shehbaz Sharif Saturday emphasized the urgent need for economic reforms in the country. He highlighted the crucial connection between political stability and economic development, stating that stable political conditions are essential for undertaking the necessary reforms.
Taking to his Twitter account, the prime minister underscored the significance of the Charter of Economy as the sole path forward for political parties to achieve prosperity for the people of the nation.
In a detailed tweet, the prime minister referred to the recent unveiling of the fiscal budget for the year 2023-24 and described it as the initial step in addressing the long-standing issues affecting the economy.
He praised the coalition government for prioritizing key sectors that have the potential to stimulate economic growth, attract investments, and foster self-sufficiency in the economy.
Acknowledging the challenges faced during the budget-making process, the prime minister highlighted the difficulties posed by the ongoing relief and rehabilitation efforts after the devastating floods, disruptions in the global supply chain, and geostrategic tensions.
Expressing his regret, the prime minister attributed the persistent political instability, created by the leader of the PTI party, as a major factor that damaged the economy and resulted in prolonged uncertainty, adversely affecting the country for over a year.
Mindful of the impact of inflation on the public, the prime minister stated that the government had provided relief to public sector employees and pensioners by granting them a salary increase of up to 35% and 17.5%, respectively. Additionally, the minimum wage was raised to Rs32000.
He further emphasized that, given the existing constraints, it was not possible to introduce any new taxes in order to achieve a more balanced budget.
Lastly, the prime minister expressed his appreciation for all those who participated in the budget-making process and played their respective roles diligently.