3 min readIslamabadJun 15, 2024 10:53 PM IST
First published on: Jun 15, 2024 at 10:45 PM IST
After completing 100 days of rule, Prime Minister Shehbaz Sharif on Saturday announced the abolition of all loss-making institutions, ministries and departments to save taxpayers’ rupee to put the cash-strapped country on the road to economic prosperity.
“We have laid down a five-year plan and decided to shut down ministries that have been draining the economy for years. The money saved will be used to repay our debts,” Sharif said in a televised address to the nation, his first since he assumed power after the controversial February 8 elections.
Sharif had taken oath on March 4 after stitching together a coalition with five other parties and foiling the chances of jailed former prime minister Imran Khan to stage a political comeback.
He also said it is his “duty to eliminate these corrupt entities” and said, a committee has been established for this purpose.
Declaring that the government will save on expenses wherever possible and will not establish more industries or be involved in running them, Sharif said, “Instead, we will work with the private sector.” He warned that the road ahead is not only “long and difficult” but also “demands sacrifices” from both government personnel and the salaried class but his “government is committed to make a change.” After his government took oath, Sharif claimed, inflation dropped to 12 per cent from 38 per cent and interest rates on loans were slashed to 20.5 per cent from the previous 22 per cent.
“In a couple of months, this will bear fruit, and I will present the results to you. This step alone will lead to the saving of millions of rupees. God willing, within a month and a half, there will be positive results to share with all of you,” Sharif asserted.
The prime minister also recalled his recent trip to China where “deals worth millions of dollars have been made” and to the UAE “where millions of dollars were pledged.” He listed the achievements of the government’s little over three-month rule, including 100 per cent digitisation of the Federal Board of Revenue (FBR) to improve its efficiency.
Earlier in the day, the government had slashed electricity prices and petrol rates. He said that electricity prices of industries have been reduced by more than Rs 10 per unit with a total Rs 200 billion cumulative impact on the industries to make industrial output competitive in the international market.
Sharif also expressed hope that Pakistan’s current engagement with the International Monetary Fund would be the last one and said, “Inshallah, we will stand on our feet and surpass our neighbouring countries in economic activity.” In his address, Sharif also raked up the Kashmir issue as well as the situation in Gaza.
Prime Minister Shehbaz Sharif (AP Photo) 
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