Prime Minister Shehbaz Sharif on Saturday said that the country’s economy direly needed reforms, which in turn, could be undertaken in a stable political environment as economic development was intrinsically linked to political stability.

On his Twitter handle, the prime minister said: “It is here that the Charter of Economy appears to be the only way forward for our political parties to achieve prosperity for our people.”

The prime minister in a lengthy tweet referred to the laying of the budget 2023-24, saying: “It represents the beginning of the process to fix the economy’s long-term ailments.”

The coalition government had prioritised the right areas that had the potential to spur economic growth, attract investment and make the economy self-sufficient, he added.

The prime minister said that the making of the budget (FY2023-24) was particularly a difficult task in view of the persistent challenges arising from the flood-related relief and rehabilitation work, global supply chain disruptions and geostrategic upheavals.

“Never-ending headwinds of political instability created by Imran Niazi damaged the economy and created uncertainty, as the country remained on the boil for well over a year,” he regretted.

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Mindful of the impact of inflation, the prime minister said that the government provided relief to the public sector employees and pensioners in the form of pay raise of up to 35 per cent and 17.5 per cent respectively, and increased the minimum wage to Rs32,000.

He said that a more balanced budget that levied no new tax could not have been possible within the existing constraints.

The prime minister also commended all those who remained part of this exercise and played their role in the budget-making exercise.

Ties with Kazakhstan

Separately, Prime Minister Shehbaz underscored that Pakistan deeply valued its bilateral relations with Kazakhstan.
The prime minister held a telephonic conversation with Kazakhstan President Kassym-Jomart Tokayev.

Highlighting the importance of increasing tourism and enhancing people-to-people contacts, the prime minister expressed satisfaction that flight operations between the two countries would commence soon, the PM Office Media Wing said in a statement.

The two leaders agreed on the need to further expand bilateral cooperation in the fields of energy, agriculture, IT, textiles and energy.

Characterising Pakistan as an important country in the region, the Kazakhstan president expressed his country’s desire to further strengthen their longstanding bilateral ties.

The prime minister also invited Tokayev to pay an official visit to Pakistan at his earliest convenience.