PM Shehbaz Stresses Strong Security Ahead of Budget Presentation

Prime Minister Shehbaz Sharif underscored the necessity of robust national security during a federal cabinet meeting where the upcoming budget was approved. The Prime Minister stated that no nation can manage its affairs or achieve progress without strong security.

This budget marks the third presented by the current government and was developed amidst numerous challenges. The Prime Minister indicated that the budget would include proposals for tax relief and initiatives aimed at economic progress. He also mentioned plans to develop water reservoirs and dams, alongside accelerating efforts in indigenous energy resources such as solar panels, wind, and batteries.

During the budget preparation process, the government engaged in extensive discussions with the International Monetary Fund (IMF). Prime Minister Sharif held a 30 to 45-minute phone call with IMF Managing Director Kristalina Georgieva, who reportedly commended Pakistan's economic advancements.

The Prime Minister also detailed comprehensive interactions with the four provinces over the past one and a half months, where the centre's need for additional funds was communicated. The PML-N and its ally, the PPP, agreed to reduce development and other expenditures across all tiers of the federation, aiming to generate greater fiscal space for strategic needs in the next year. Finance Minister Muhammad Aurangzeb confirmed that the freeze on allocations for provincial development programs would extend beyond one year.

PM Sharif acknowledged and thanked various political leaders for their cooperation and support. He appreciated PML-N President Nawaz Sharif and Punjab Chief Minister Maryam Nawaz for their readiness to support the federal government's needs in defence and water security. He also extended gratitude to President Asif Ali Zardari, PPP Chairman Bilawal Bhutto-Zardari, Balochistan CM Sarfraz Bugti, and KP CM Sohail Afridi.

Reflecting on previous budgets, the Prime Minister noted that tax impositions were necessary due to national and IMF requirements to stabilize the economy. He thanked the 240 million people of Pakistan for their patience despite the difficulties caused by inflation. He highlighted that inflation had decreased to single-digit figures from 38 percent in the past two years, with a slight recent increase attributed to the ongoing Middle East conflict. Similarly, the policy rate had dipped to 11 percent from 22.5 percent but was subsequently raised due to impacts of the US-Iran situation.

Prime Minister Sharif expressed hope that the economy is now stable and that the third budget, combined with collective effort, would accelerate economic growth. At the outset of his address, he mentioned attending the funeral prayers of martyrs, including two Christians, who sacrificed their lives in the line of duty.

(Source: Dawn Pakistan)