Prime Minister Imran Khan Friday said that despite Covid-19 pandemic, the country’s economic indicators were improving to herald a better time ahead and paving way for an industrial Pakistan.
In his video message to the nation on 74th Independence Day, the prime minister shared with the countrymen the glad tidings of improved economic indicators like surged exports, revenue and stock market besides a historic agreement with power producers to bring down the generation cost. “Thanks God, our revenue starts increasing. Despite coronavirus, our tax collection in July is above the set target. I am looking even better situation ahead,” the prime minister said.
He said no country maintained a balance (between lives and livelihood) as was done by Pakistan. He said initially, the government feared of deaths due to both the coronavirus and hunger caused by the lockdown. However, consequent to the government’s decision of smart lockdown, the coronavirus cases were on decline and the economy was on revival. “The war (against coronavirus) is not yet over. The challenges still persist,” the prime minister said, advising people to keep adhering to precautions of social distancing to avert the resurgence of the virus.
He said that journey towards Quaid’s Pakistan had begun featuring rule of law and citizen’s equal rights regardless of their colour, creed or faith and an Islamic welfare state. He hoped that the country would achieve the great dream of the forefathers if persistent efforts were made.
He told the nation that the first two years of the incumbent government were difficult owing to huge debt burden, reduced foreign exchange and exorbitant agreements with power producers. He said initially, the government was unable to pay back debts owing to low foreign exchange but consequent to government’s prudent decisions, the default as well as the worst inflation had been averted. “We have avoided a huge crisis because we didn’t default [on payments]. But I know it hasn’t been easy for the people, I understand the difficulties they faced and still are facing.”
The prime minister said that he realized the living condition of the people but “the good news is that the situation is improving.” He said following heavy incentives by the government to the construction industry, the investors’ confidence had revived which was reflected into the record improvement in the stock market.
He said the uplift of the construction sector would benefit allied 40 industries to create jobs and wealth and consequently enhancing the government’s tax collection. He said owing to increased revenue collection, the government was now able to repay debt. Previously, out of Rs 4,000 billion revenue, Rs 2,000 billion went to debt payment forcing the government to get even more loans to run the country’s affairs.
He said resolving another huge burden on the national economy, the government had finally reached to an agreement with the power producers to generate power at reduced cost and the benefit would be trickled to the industry and people. Moreover, as next target, the government would introduce a package to reform the power distribution system to curb theft and line losses.
“Pakistan which I am foreseeing is an industrial Pakistan that will be able to provide jobs. Insha Allah, we will move that direction,” the prime minister hoped.
He also assured the people of Kashmir that the whole of Pakistan stood by them. The prime minister also told the nation that the government had reached an agreement with independent power producers which would lead to a reduction in the cost of electricity production, thus reducing tariffs. He said that Pakistan’s industries could not compete with other nations of the subcontinent like India and Bangladesh as the cost of production in the two countries was low due to cheap electricity. Pakistan, meanwhile, is facing a huge circular debt because the tariffs were less than the cost of generating electricity, which was high.
He said that realizing the intensity of the Indian repression, Pakistan would continue its moral, political and diplomatic support to the Kashmir people.
The prime minister also prayed to Allah Almighty for liberation of the Kashmiri people and for their right to self-determination that had been promised by the UN Security Council.
Earlier, the prime minister, in a series of tweets’ too highlighted the very positive economic outlook of the country and congratulated the nation on the Independence Day as well as the government’s achievements on different fronts. He also conveyed his message to the Kashmiri people that whole Pakistani nation stood by them and “we will provide them with all the support at all levels as they valiantly fight India’s illegal occupation.”
