Karachi: Prime Minister Shehbaz Sharif has said that tax breaks worth Rs 2,300 billion have been given in the budget, and the private sector will lead the country’s economic development.
Addressing a ceremony at the Pakistan Stock Exchange via Zoom, the Prime Minister congratulated the Finance Minister, his team, ministers and heads of institutions. He said that teamwork was done to put Pakistan on its feet, now our goal is to create an export-led economy and the private sector must lead economic development. SouthAsians & Diaspora
Shehbaz Sharif said that he had returned from a recent visit to the US and UK. Bankers from Citibank and JP Morgan in New York and London praised the government’s measures and said that due to the government’s efforts, they are seeing attractive conditions in Pakistan today.
The Prime Minister said that Pakistan has achieved great success in issuing Eurobonds, the State Bank’s foreign exchange reserves have reached $ 21.4 billion, while there is significant growth in remittances. Now Pakistan will have to show export-led growth in its economy. The private sector has to lead economic growth. Tax concessions have been made for industrial development.
Shehbaz Sharif said that the Pakistan Stock Exchange has grown vigorously, however, further reforms are needed keeping in mind other markets in the region. 60 years ago, many industries were given subsidies, but what happened to them? They were fed gold coins but they could not increase exports significantly. This is a bitter reality that cannot be moved forward without being corrected. SouthAsians & Diaspora
He said that in this entire scenario, there is no example of the efforts of Field Marshal Asim Munir. The Prime Minister also thanked the Chairman NAB for recovering lands worth trillions of rupees.
Shehbaz Sharif said that the results of the incentives given to the construction industry in the budget are coming out, especially in Karachi, the construction sector is seeing progress. Big banks have appreciated the reform efforts. He said that the IMF chief said that this is a new Pakistan, to which I replied that this is not a new Pakistan but a new team.
The Prime Minister said that tax breaks worth Rs 2300 billion were given in the budget. He also congratulated on the Nazimabad project and the Lahore projects.