National security tied to economic stability: Shehbaz

Prime Minister Shehbaz Sharif said on Thursday that Pakistan was gradually emerging from its crisis, but big challenges remain to be overcome.

The country is moving in the right direction, he said while addressing the 26th security workshop at the University of Defense in Islamabad

He praised the armed forces and the nation’s sacrifices in the fight against terrorism.

“The Pakistani army and the people fought terrorism bravely.”

He said national security is linked to economic stability and listed his government’s feats to improve it.

The 100-index of the Pakistan Stock Exchange hit the milestone of 100,000 points for the first time, he said and added that the government’s economic policies are bearing fruit. However, the premier said some anti-Pakistan people wanted to create chaos and instability in the country.

“Islamabad was attacked. Thousands of armed persons tried to create chaos and instability. Such an act will not be tolerated.”

“We will continue to strive for the country’s development. We will not let the enemies of the country’s progress and prosperity succeed in their nefarious designs,” he resolved.

“If we are economically strong, our exports are growing fast, the industrial sector is expanding…….then our economic security will automatically strengthen our critical security,” the prime minister said.

He stressed the need for ‘Charter of Economy’ and said in 2018 he as an opposition leader also suggested the idea and now the government is fully prepared to execute it.

“The government’s mandate is only to facilitate the private businesses.”

All institutions were on the same page and he and the Army chief were also fully aligned on this issue.

He said the day before yesterday the stock market witnessed a steep fall of around 4000 points due to what happened in Islamabad, however he said as the situation became normal, the market rebounded in next couple of days and crossed the 100,000 points which never happened in history of Pakistan.

The prime minister said this was the fact that over a period of time spanning over a decade, the economic progress slowed down rather than deteriorated due to various factors.

“We all know that in June 2023 it was touch and go as Pakistan was on the verge of default due to a variety of reasons that we all know.”

The prime minister highlighted that the government managed to bring the economy out of crisis due to a successful standby agreement with the International Monetary Fund (IMF). 

PM Shehbaz Sharif said the country had seen several brilliant economic plans over the period of 76 years but they failed due to lack of will to do.

“I will do my best along with my colleagues to implement these plans in letter and spirit and transform Pakistan’s economic landscape.”

Other than the economic challenges, the prime minister said the country was also facing the security challenge. He said around 80,000 people had sacrificed their lives in the war against terrorism and the economic losses touched $130 billion.

During the Nawaz Sharif government, terrorism was completely wiped out.

The prime minister said there was an attack on Islamabad and thousands of people were marching with guns in their hands to create all kind of uncertainty and chaos which they really wanted to destroy the government’s untiring efforts in stabilizing the country’s economy.

He resolved to protect the country’s future with the support of all stakeholders. “Together we have to move forward and this can only happen through unity of actions.”

To a question, he said: Until we do not bring a quantum jump to economic growth, the external debt gap could not filled.

He said in order to get rid of the external debt, own resources have to be generated.

As regards the internal debts challenge, the prime minister said the biggest problem was in the power sector, as the power circular debt had touched two and half trillion rupees and the gas circular debt was also growing due to leakages, gaps in management and system, and theft.

“We are making efforts to resolve these issues but it will take time.”

Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Commerce Minister Jam Kamal Khan, Minister for Economic Affairs Ahad Khan Cheema, Privatization Minister Aleem Khan, and Information Minister Ataullah Tarar were also present on the occasion.