Prime Minister Shehbaz Sharif Set to Announce Comprehensive Economic Reform Plan
Prime Minister Shehbaz Sharif of Pakistan is gearing up to unveil a sweeping economic reform plan aimed at reducing tariffs, cutting red tape, and boosting exports. In a recent meeting, he expressed concern over the staggering Rs500 billion lost each year to electricity theft and emphasized the need to lower power prices for consumers and industries.
The government is also in talks with China to utilize locally sourced coal in power plants, potentially saving the country $1 billion annually. PM Shehbaz highlighted the importance of reducing electricity theft, as well as addressing the looming circular debt of Rs2.3 trillion.
The reform agenda, based on recommendations from expert task forces, focuses on tariff rationalization and economic policy insights. Proposed tariff reductions could boost government revenue by 5%, with expected increases in exports and private investment.
The agenda also emphasizes diversifying exports, streamlining bureaucratic processes, and enhancing tax collection to support national development. With ambitious GDP growth targets and plans for privatization, PM Shehbaz is determined to revitalize Pakistan’s economy for sustainable development.
Published in Dawn, August 14th, 2024