Prime Minister Shehbaz Sharif underscored the imperative for Pakistan to embark on another International Monetary Fund (IMF) programme to invigorate the economy and pave the way for sustainable development. Addressing a cabinet meeting, the Prime Minister stressed the pivotal choice facing the nation: “either we perform or perish; it’s a do or die situation.”
Key challenges highlighted by the Prime Minister include rampant electricity and gas theft, a low tax-to-GDP ratio, and an alarming surge in expenditure. He emphasized the necessity for expanding the tax base to meet IMF requirements, urging businesses with substantial earnings to fulfill their tax obligations.
Furthermore, Prime Minister Shehbaz Sharif vowed to dismantle “elite capture” and utilize all legal avenues, including parliamentary measures, to achieve this objective. He called upon the Chief Justice of Pakistan to expedite revenue cases pending in tribunals and courts, citing their resolution as a crucial contribution to national progress.
A significant move towards enhancing revenue collection involves the complete digitization of the Federal Board of Revenue (FBR). The Prime Minister disclosed plans to hire consultants for this purpose by the end of next month, with bids scheduled for submission by April 8, 2024.
Expressing resolve against financial malpractice, Prime Minister Shehbaz Sharif pledged to prosecute those involved in embezzlement and money laundering. Conversely, he promised recognition for honest officials within the FBR, instructing the preparation of a commendable list.
Efforts to streamline government expenditure are underway, with a committee tasked to submit recommendations for immediate implementation. The Prime Minister also advocated for the transfer of federal-level departments to provincial authorities post the 18th constitutional amendment.
Addressing critical issues in the energy sector, Prime Minister Shehbaz Sharif condemned annual electricity and gas theft amounting to billions, urging swift action from relevant ministers.
In terms of international relations, Prime Minister Shehbaz Sharif stressed Pakistan’s desire for investment across various sectors, emphasizing the importance of creating a conducive environment for economic growth. He advocated for minimal reliance on loans, highlighting the necessity of attracting investments for sustainable development.
Additionally, the Prime Minister proposed the formulation of a “charter of unity” alongside the charter of economy to foster economic development and combat terrorism. He reiterated Pakistan’s commitment to eradicating terrorism and maintaining peace within its borders, while urging neighboring countries to cooperate in addressing this global menace.
