Structural Reforms Inevitable for Pakistan’s Development: PM

Prime Minister Shehbaz Sharif Thursday said deep-rooted structural reforms have become inevitable to ensure macroeconomic stability and to put the country on the path of development and progress. Chairing the Special Apex Committee Meeting of the Special Investment Facilitation Council (SIFC) in Islamabad, he said there is a need to introduce structural reforms, including digitalization in the Federal Board of Revenue (FBR), to bridge the gap between revenue and expenditures. The prime minister mentioned that the International Monetary Fund (IMF) recently concluded the review for issuance of the last tranche of $1.1 billion. He added that Pakistan will need a new and longer IMF programme. According to a press statement issued by the Prime Minister’s Office, the meeting was attended by former Caretaker Prime Minister Anwaar ul Haq Kakar, Chief of the Army Staff, members of outgoing and incoming Federal Cabinet and Provincial Chief Ministers, and high-level government officials. The committee was briefed about the SIFC initiative and major contributions made towards the investments, privatization, and overall micro-economic stabilization of the country. The committee underscored the need to continue a consensual approach under SIFC to navigate the myriad of challenges being faced by the country. The committee also vowed to ensure the continuation of policies and take tough decisions in the larger interest of the country by setting correct economic priorities. The Chief of Army Staff reassured the full support of the Pakistan Armed Forces for the economic initiatives of the government and ensured the provision of a safe, secure, and conducive environment to nurture the country’s true economic potential.