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PAKISTAN’S ECONOMY READY TO TAKE OFF AFTER ATTAINING STABILITY: PM
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Sunday, 9 February, 2025 I 10 Shaban ul Moazzam, 1446
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SAYS PAKISTAN’S JOURNEY FROM DARKNESS TO LIGHT IS RESULT OF ‘COLLECTIVE EFFORT’ ISLAMABAD
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CLAIMS GOVT’S SUCCESS BY ENGAGING IMF TO SECURE $7B LOAN
STAFF REPORT
RIME Minister Shehbaz Sharif on Saturday said that the country’s economy was set to take off following a year of dedicated efforts by the government’s economic team to restore stability. He highlighted that the financial sector had overcome significant challenges and was now on a path to sustained recovery and progress. “Pakistan’s journey from darkness to light in a year is the result of a collective effort,” the prime minister said while addressing an event held here to celebrate Youm-e-Tameer-o-Taraqqi. He noted that the government successfully engaged with the International Monetary Fund (IMF) to secure a $7 billion, three-year program in September last year, which prevented the country from defaulting. Although the nation faced challenges due to the IMF’s tough conditions, he emphasized that the economy had now stabilized and was ready to move toward sustained progress and development. He said the salaried class had to suffer the most due to the IMF programme as it was now collectively paying Rs 300 billion taxes. He also paid special tribute to the salaried class for contributing such high taxes. The prime minister stated that the inflation rate had been reduced from 40 percent to as low as 2.4 percent in January 2025, leading to a decline in the policy rate. He urged the business community to
support the government’s efforts to stabilize the economy, emphasizing that their involvement was crucial. He assured that the government would fully engage the business community in the policymaking process, as economic growth could not be achieved without consulting the private sector. He emphasized that the government was actively working to curb smuggling across the borders. “By legally exporting sugar to Afghanistan, the government secured $211 million in foreign exchange,” the prime minister said, adding that this valuable revenue would have otherwise ended up in the hands of smugglers. He acknowledged the dedicated and sincere efforts of the Pakistan Army and law enforcement agencies in helping to curb smuggling activities across the country.
Iran, Pakistan working to further enhance maritime cooperation: Admiral Shahram KARACHI
STAFF REPORT
Iranian Navy Chief Rear Admiral Shahram Irani on Saturday said that Iran and Pakistan are working to enhance their operational naval cooperation and are planning joint exercises in the future. Admiral Shahram Irani arrived in Karachi on Saturday morning at the official invitation of the Pakistan Navy chief. Admiral Shahram is leading a high-level Iranian delegation, participating in AMAN-25 Naval Exercise and Peace Dialogue. According to Mehr news agency, Iranian Navy Chief will meet with senior Pakistani officials. Speaking on the importance of Iran-Pakistan maritime cooperation, Shahram Irani stressed that Iran’s highlevel participation in this international exercise reflects the strategic relations between Tehran and Islamabad. “The two countries should further enhance cooperation in the maritime sector.” He said the main objective of Iran’s participation is to improve maritime operational capabilities and pave the way for bilateral naval exercises in the future. Highlighting the participation of Iranian naval units and special operations teams in the exercise, he hoped that the joint naval cooperation between Iran and Pakistan would lay the foundation for more bilateral exercises in the future. He also appreciated the efforts of the Iranian Embassy in Pakistan and the Office of the Military Attaché in promoting maritime cooperation. He announced that Iran would invite the Pakistan Navy to participate in future exercises. The Iranian Navy is participating in the ninth edition of the multi-national exercise, which began in Karachi on Friday.
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Regarding the government’s privatization policy, the prime minister stated, “We are now moving towards a massive privatization process, as the government has no role in business activities.” The prime minister said that terrorism had almost been eliminated from the country in 2018, however, due to bad policies of the subsequent government, the menace had resurfaced in the country. “Without uprooting terrorism, the country can not not attain the targets of growth and development,” he added. The country, he said needed peace, stability, unity, prosperity and economic growth for which people belonging to all segments of the society would have to work together. The prime minister said he wanted to leave behind a legacy that set the country on the path of sustainable development.
He also expressed the confidence that the government’s recently launched “Uraan Pakistan” programme would become successful and achieve all its set targets. Finance Minister Muhammad Aurangzeb on the occasion stated that the incumbent government's prudent policies had successfully reduced the inflation rate from a steep 40 percent to 2.4 percent. Additionally, the policy rate was lowered to 12 percent, easing the government’s debt servicing burden, he said and emphasized that for the first time in the country’s history, the government was rigorously implementing structural reforms, right sizing and pension reforms. In his welcome address, Planning Minister Professor Ahsan Iqbal said Pakistan’s economy lagged behind in the region due to lack of consistency and continuity of policies. He expressed his confidence that under Uraan Pakistan programme, the country would achieve the export target of $100 billion in five years. He said to achieve this target, the export-led industry must have to work round the clock. He also proposed to exempt the exportled industry from national holidays. Information Minister Attaullah Tarar said the prime minister sacrificed his politics for the sake of the country. He said the business community always contributed and supported the government in the development journey of the country. President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh also spoke on the occasion.
Public rejected politics of lies by ‘Pakistan Tehrik-e-Inteshar’: Tarar LAHORE
STAFF REPORT
Federal Minister for Information, Broadcasting, National Heritage, and Culture, Attaullah Tarar, stated that those who once prayed for Pakistan’s economic default are now ashamed, as the public has completely rejected the politics of lies and propagated by the “Pakistan Tehrik-e-Inteshar.” Speaking at a public gathering in NA-127 on the “Day of Development and Progress,” on Saturday, he emphasized that while these opponents will continue to complain, the government will persist in its journey of progress and public service. He highlighted that under Prime Minister Shehbaz Sharif’s leadership, the country’s economy is on the path to recovery. He declared that the entire nation is celebrating progress and that no force can halt Pakistan’s development. The federal minister reiterated PML-N’s commitment to public welfare, stating that all available resources are being utilized to improve the quality of life for the people. He recalled how, upon assuming power, the government promised to transform Pakistan into an economic powerhouse, and now, after one year in office, the nation is witnessing development and prosperity. He criticized the previous government, asserting that due to the incompetence of the “Instability Party,” Pakistan was on the verge of default. However, the current government, without prioritizing political gains, took decisive steps to rescue the country from economic collapse. He credited PM Shehbaz Sharif’s leadership for steering Pakistan away from default and towards development and economic stability. He highlighted that international financial institutions have acknowledged Pakistan’s economic recovery, with improvements such as an increase in exports compared to imports, a significant reduction in the trade deficit, and inflation dropping to its lowest level in 6.5 years. He described the government’s first year as exceptional, emphasizing that economic policies have improved the lives of ordinary citizens, with achievements recorded in infrastructure, education, health, and social welfare. Tarar also mentioned that overseas Pakistanis have regained confidence in the government, leading to record-high remittances. The stock market has reached historic highs, IT exports have surged, and despite political instability, Pakistan’s economy is now on a positive trajectory. He stated that Pakistan is now being recognized among the world’s emerging economies, and global leaders appreciate the country’s economic progress when PM Shehbaz Sharif meets them on diplomatic visits, bringing pride to the nation.
In 2nd ‘open letter’ to COAS, PTI founder talks about his criticism of legal, political developments Don’t see a coalition govt beyond six months if things not fixed: Haider
ISLAMABAD
STAFF REPORT
PTI founder Imran Khan wrote a second “open letter” to Chief of Army Staff General Asim Munir on Saturday, asserting he had written the previous letter with “good intentions for the betterment of the country and the nation, so that the growing gap between the army and the people could be reduced, but the response was given with extreme frivolity and irresponsibility”. Imran claimed that 90 per cent of the people would support his previous letter’s points if public opinion was taken on them. In the letter posted on Imran’s X account today, he complaining about the alleged mistreatment in prison, saying: “The prison administration … has done every injustice to me to increase pressure on me while violating basic human rights. I have been kept in a death cell. I was kept in complete lock-up for 20 days where even sunlight did not reach me.” “For five days, the electricity in my cell was turned off and I was in complete darkness. My exercise equipment and TV were taken away and I was not even allowed to have newspapers. They
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even withhold books whenever they want. Apart from these 20 days, I was again kept in lock-up for 40 hours. My sons have been made to talk to me only three times in the last six months.” The PTI founder talked at length about his criticism of recent legal and political developments in the country and the issues being faced by his party and workers. “All this is against our traditions and due to this, hatred against the army has increased a lot among the people, which if corrected in time, is better for both the army and the country, otherwise irreparable losses may have to be borne from all this,” he reiterated in line with his first letter.
Concluding his letter, Imran said: “It is essential for the stability and security of the country that the gap between the army and the people be reduced, and there is only one way to reduce this growing gap, and that is for the army to return to its constitutional boundaries, separate itself from politics and fulfil its assigned responsibilities, and this task will have to be done by the army itself, otherwise this growing gap will become fault lines in the term of national security.” On February 3, the incarcerated PTI founder penned a letter to the army chief, urging a “reevaluation policy” to stop growing distance between the military and the public.
Punjab Governor Sardar Saleem Haider on Saturday cast aspersions on the ‘fate’ of the coalition government, saying he expects it to last only six more months if the situation is “not fixed” amid tensions between the allies. The PPP has been complaining — publicly and privately — about Punjab Chief Minister Maryam Nawaz’s attitude, most notably through Governor Haider and other provincial leaders. Though Prime Minister Shehbaz Sharif promised to resolve the power-sharing dispute, many within the PML-N doubt he could convince his niece to accommodate the PPP any more than she already has. Speaking during an interview to a private TV channel, Haider said: “I don’t think the alliance will be able to continue because when the other side does not have the realisation and they don’t care then how much more can it continue? At most, it will continue for six months. I don’t see a coalition beyond six months if things are not fixed.” He said the government was currently running solely due to the efforts of President Asif Ali Zardari and criticised the PML-N for a lack of consultation at the levels of the federal and Punjab governments.