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Undeterred resolve – only way to end economic woes

Undeterred resolve – only way to end economic woes

ISLAMABAD, MAR 31 (DNA) — Given its location, landscape, environment, weather, shores and fertile land, Pakistan had always been the most potential and business-friendly destination offering volumes of dividends to investors and businessmen.

Although fluctuating policies of the past landed this potential state into serious economic crunch with putting it back on track becoming a gigantic task, yet it can be vibrant again if consistent, holistic and result oriented approach is adopted.

Even today, the numbers of brotherly countries are waiting for a nod to invest billions of dollars in different sectors of Pakistan economy and the newly formed government has already tightened belts for a tough ride ahead.

Prime Minister Shehbaz Sharif and his team is also aware that they would be confronting a myriad of daunting economic hurdles, ranging from soaring inflationary pressures and staggering external debt burden to diminished exchange reserves and fluctuating currency values.

As the economic panorama, shrouded in uncertainty and volatility, necessitates adept navigation and resolute action to guide nation towards stability, the government diligently articulated its resolve to fight out this challenge.

At the head PML-N led new coalition government, Prime Minister Shehbaz Sharif soon after assuming office, issued directives to pertinent authorities for formulating proposals to reduce government expenditures and undertaking a comprehensive overhaul of country’s economic framework.

Responding to this exigency, the new government employs immediate measures for bolstering revenues and curbing escalating fiscal deficit with the Prime Minister also mandating commencement of digitization and automation process within the Federal Board of Revenue (FBR).

“Reducing inflationary burden on people is one of the most pressing challenges for the government. It would have to go for immediate solutions to ease inflationary burden,” said Dr Usman Chohan, Advisor on Economic Affairs at Centre for Aerospace and Security Studies (CASS).

He said the situation would be more exigent in an environment where on one hand the people would be expecting to bring down inflation while International Monetary Fund (IMF), in a likely follow-up program, pressurizing the government to extract more from public in terms of revenue collecting and electricity price initiatives. — DNA

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