PM Shehbaz vows to take GDP to15pc in next 5 years

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif vowed to take Pakistan’s Gross Domestic Product (GDP) to 15 percent in the next five years, ARY News reported.

Chairing a high-level meeting on the Ministry of Finance, PM Shehbaz directed that a comprehensive plan for an increase in revenue should be formed without putting the burden on the common man.

The prime minister said the federal government would strengthen the provinces by handing over all the relevant ministries and departments to the provinces, under the 18^th constitutional amendment.

He said that expenditure would be reduced to decrease the fiscal deficit. PM Shehbaz also directed to speed up the process of reforms and privatisation of the state-owned institutions especially those which were running in losses.

He said the public private partnership should be initiated with private operators to improve the services at all the big airports of the country.

The prime minister said the government is fully focused on gradually decreasing the public debt, pension and subsidy reforms and reforms and privatization of the state-owned entities.

PM Shehbaz stated that the end of the International Monetary Fund (IMF) standby programme is a good step and that the administration would put in maximum effort for the next programme.

He also directed to prepare a plan in order to reduce external debt. The prime minister said that employing the services of foreign specialists is necessary to achieve economic advancement.

The meeting was briefed on the current account, remittances, foreign exchange reserves, taxes, revenue, and budget deficit.

The prime minister’s directive to cut back on government spending was also communicated to the meeting attendees, along with updates on the status of the execution of reforms related to the power sector, revenue, and subsidies.

Finance Ministers Muhammad Aurangzeb, other ministers including Ahad Khan Cheema, Dr Musadiq Malik, Ahsan Iqbal, Deputy Chairman Planning Commission Jehanzeb Khan, Coordinator of Prime Minister Rana Ihsaan Afzal and relevant officers also attended the meeting.

Earlier in the day, Sharif said that the government was planning to enter a new programme with the International Monetary Fund (IMF) which the premier said, was very important to consolidate the country’s economy.

“With the new IMF programme, the international institutions will have more trust on us and we will be able to move forward on the agenda of development and prosperity with more confidence,” the prime minister said while speaking with the participants of the cabinet meeting held here under his chairmanship.

He said the finance minister was going to Washington this month with a delegation to participate in the IMF spring meetings where he will also discuss details of the new programme with the IMF.