“Charter of Economy
Shehbaz recommends the adoption of the “Charter of Economy” as the path to economic success.The Premier also emphasises that the most recent budget signals the beginning of the process to address the “long-term ailments” of the economy.A day after presenting the Finance Bill 2023-2024 in the Parliament, Prime Minister Shehbaz Sharif called for a “Charter of Economy” to “achieve prosperity” for the nation.”The economy is in desperate need of changes, which can in turn be implemented in a political context that is stable. This is because the progression of economic development is inextricably tied to political stability.
prime minister stated
“It is here where the Charter of Economy appears to be the only way forward for our political parties to achieve prosperity for our people,” the prime minister stated, turning to Twitter on Saturday. “It is here where the Charter of Economy appears to be the only way forward for our political parties to achieve prosperity for our people.”The Prime Minister said in a tweet that the process of creating the budget was especially challenging because of the ongoing problems that have arisen as a result of the flood relief and reconstruction efforts, as well as the interruptions that have occurred in the global supply chain and the geostrategic shifts that have taken place.
(PTI) Chairman Imran Khan
He laid the blame for the country’s political stability on Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan, saying that it was Khan’s fault that the country’s economy suffered and that it was in an uncertain state for over a year.According to a tweet sent by the Prime Minister of Pakistan, “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,”The Prime Minister went on to say that the most recent budget is the beginning of the process to “fix the economy’s long-term ailments,” which further emphasises the priorities of the coalition administration.
According to what he stated in his tweet, “The coalition government has prioritised the right areas that have the potential to spur economic growth, attract investment, and make the economy self-sufficient.”The prime minister has indicated that he is aware of the effects of inflation. He brought attention to the fact that the government has reduced the financial burdens of public sector workers and retirees by increasing their pay by up to 35% and 17.5%, respectively, and by raising the minimum wage to Rs32,000.”A more balanced budget that does not impose any new taxes was not going to be realistic given the limits that are now in place. The leader of the government remarked, “I commend all those who remained a part of this exercise and played their role in this budget-making exercise.”
Finance and Revenue
A day earlier, Minister for Finance and Revenue Ishaq Dar presented a budget for the next fiscal year with a total of Rs14.46 trillion. He refrained from enacting any new taxes and set a goal for economic growth of 3.5%, all in an effort to have the cash-strapped nation approved for a bailout from the International Monetary Fund (IMF).In the midst of Pakistan’s efforts to repay its severe external debt, the country’s economy has been hit hard by a balance-of-payments crisis. At the same time, months of political unrest have scared off potential investors from other countries.As a result of the skyrocketing inflation, the plunging value of the rupee, and the fact that the nation can no longer afford imports, industrial production has suffered severely.