ISLAMABAD: Mian Muhammad Shehbaz Sharif Monday following his election as the 23rd PM of Pakistan announced immediate remedial measures to ensure economic turnaround by stemming the rising tide of inflation and price hike in the country.

Narrating the specific contours of his government’s economic priorities in the National Assembly soon after his election to the prime minister’s office, he referred to the poor performance of the Pakistan Tehreek-e-Insaf’s (PTI) government during the last about four years, and said with mere words, changes could not take place and attempts were made to infuse venom into different strata of society, leaving the economy in a shambles.

He said the country’s economic situation was in the dismal situation but now after a change in the government, the stock market was surging.

Narrating the priorities of his government, he said through untiring struggle and unity they would strive to achieve the desired results of economic turnaround, and affordability of commodities of life to the lower segments of the society by saving the stranded boat and steering it to the bank.

Shehbaz Sharif in a sarcastic manner referred to the PTI’s tall claims and said practical steps were prerequisite for achieving the ideals.

He regretted that if his idea for the ‘pact of economy’ was heeded to by the previous ruler, the economy would not have been in such a sorry state of affairs. But the PTI rulers had rejected it out of their haughtiness and arrogance.

The prime minister-elect further said the country was facing a huge fiscal budget deficit, besides the current account deficit. Due to the poor policies of previous government, about 6 million people had been rendered unemployed while millions of others had been pushed below the poverty line, and the commodity prices had reached the unaffordable level.

He said not a brick was laid by the former rulers as they only rejoiced in unveiling the plaques. The debt during the previous government had ballooned to Rs 20,000 billion while the foreign reserves had shrunk. Urea was sold at a high price and the country became an importer of wheat and sugar. The prices of sugar and flour reached all-time high, he added.

Declaring himself as ‘Khadim-e-Pakistan”, he said through joint efforts and unity they would turn the tides of inflation and poverty through immediate measures.

He said during 1974, late Zulfikar Ali Bhutto had laid the foundation of nuclear deterrence, and Mian Nawaz Sharif had refused 5-billion-dollar aid and conducted the nuclear tests, thus making the country’s defence impregnable. Through 18th Constitutional Amendment, powers were devolved to the provinces, he added.

Such historic feats were achieved through sheer struggle and solidarity among the ranks of the nation, he said and assured the nation that through the joint efforts by all the allied parties, they would reset the tune of the economy left in shatters by the PTI’s government.

The prime minister-elect further said that for the first time in the country’s history, a vote of no-confidence motion was succeeded, which was triumph of the virtue and defeat of the vice.

“It was a memorable day for the whole nation, as a selected prime minister was shown the door,” he said.

Shehbaz Sharif said the news of rupee gaining ground in a single day against US dollar as it was being traded at Rs 182 and the bullish trend in the Pakistan Stock Market were the good omens for the country’s economy, he added.

Linking change in the government, he said it was a great blessing of Allah Almighty and the confidence of 220 million people in this House of Parliament.

Expressing gratitude to the Supreme Court, he said it had declared the abrogation of Constitution as illegal and buried the ‘doctrine of necessity’ forever.

With the unanimous decision of the apex court, he said the supremacy of the Constitution was upheld.

Shehbaz strongly denounced the PTI’s campaign against the political adversaries and said none in the House was a traitor.

He said they did not believe in a deadlock but in the process of dialogue and assured to pacify and alleviate the grievances of the backward areas.

The prime minister-elect further regretted that the PTI’s government did not accord priority to the NFC (National Finance Commission) Award.

He said in the past, all the political parties had reached to develop a consensus over strategy to counter terrorism, formulation of a national action plan and CPEC (China Pakistan Economic Corridor), now they could repeat the same precedent, and assured that the Pakistan nation would become great and stand on its feet.

He said when the Pakistan Muslim League-Nawaz (PML-N) left the government in 2018, Pakistan was regarded as an emerging economy, sugar and wheat were exported, free treatment to the poor in hospitals was provided while they ensured education to the orphans and poor kids.

Shehbaz said Rome was not built in a day, still they would strive to provide economic relief to the inflation-hit segments of the society.

He announced an increase in the minimum monthly wages to Rs 25,000, adding that all the required legal proceedings would commence in consultation with the provinces. Relief would be provided to the salaried class, he said and appealed to the investors and industrialists to invest more.

He expressed the hope that the industrialists would increase the salary of people earning 100,000 per month by 10 percent.

Shehbaz said with investment-friendly policies, they would turn Pakistan into a paradise for investment.

He said the pensioners were neglected by the former government and announced 10 percent increase in their pension with immediate effect.

The prime minister-elect said through Ramazan Bazaars, the provision of cheap flour would be ensured.

The previous government had produced costly power on the import of expensive oil, he added.

The prime minister-elect likened the provinces as components of a beautiful bouquet and assured uniform development of all the provinces.

He said they would alleviate the sense of deprivation of people in the tribal districts and Balochistan province by providing the youth with the technical and latest education to become useful citizens of the country.

Shehbaz while paying tributes to Shaheed Benazir Bhutto, announced that Benazir cards would be re-introduced in the provinces and be broadened by linking them with the educational stipends so that the youths could serve the country with adequate knowledge and techniques.

He resolved to save the nation from further division by moving forward on the path of progress and prosperity through the manifestation of solidarity as a nation was formed through a consensus.

About the foreign policy, he lamented that the previous government of PTI had witnessed different failures, and the country lost vital strategic partners and friends, while on the Kashmir issue there was complete silence.

He opined that economic strength was linked with diplomacy.

Appreciating the Chinese leadership, he said China had been a faithful and trustworthy friend of Pakistan, and a staunch supporter for its economic prosperity and on the international fora.

The friendship between the peoples of the two countries had been everlasting, he said, adding that the PTI government tried to weaken those time-tested ties which was a painful story to narrate.

Shehbaz said Saudi Arabia had always supported Pakistan, and they would not forget their generous gestures and fraternal ties.

He said Turkey made progress under the leadership of President Erdogan, which was marvelous and Pakistan would further enhance the bilateral ties with it. He also announced strengthening of ties with the the United Arab Emirates, Iran, European Union and the United Kingdom.

He said the Afghan population was suffering from humanitarian crises and hunger and there was fears of mass exodus, and stressed upon global efforts for peace and humanitarian assistance.

Shehbaz said unfortunately, Pakistan did not have good ties with India. Former prime minister Nawaz Sharif had extended hands for peace with India, but he also made an inspiring speech in the United Nations General Assembly for the rights of the Kashmiris.

The PTI government, except naming Srinagar Road, had not made any serious diplomatic efforts to resolve the Kashmir issue, he added.

The prime minister-elect said they desired good ties with India but a durable peace was not possible without resolution of the Kashmir issue.

He reiterated that Pakistan would continue giving its diplomatic and moral support to the Kashmiris, and would raise its voice for their rights at all global fora.

He further stressed upon Indian Prime Minister Modi to resolve the Kashmir issue under the UN Security Council resolutions, and advance the goals of eradication of poverty and unemployment by ensuring economic prosperity in their respective countries. Shehbaz also reiterated to support for Palestinian peoples’ rights.

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