{"id":17890,"date":"2023-07-15T22:38:39","date_gmt":"2023-07-15T17:38:39","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=17890"},"modified":"2023-07-15T22:38:39","modified_gmt":"2023-07-15T17:38:39","slug":"pm-shehbaz-calls-for-immediate-reforms-to-steer-pakistan-out-of-crises","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/pakistan\/pm-shehbaz-calls-for-immediate-reforms-to-steer-pakistan-out-of-crises\/","title":{"rendered":"PM Shehbaz calls for immediate reforms to steer Pakistan out of crises"},"content":{"rendered":"

Prime Minister Shehbaz Sharif has emphasised the need for immediate structural reforms to steer the country out of crisis saying that there is no other way but to take initiate \u201cdrastic structural and economic reforms\u201d.<\/p>\n

Addressing the office-bearers of Lahore Chamber of Commerce and Industry (LCCI) and renowned businessmen and industrialists at Governor\u2019s House in Lahore, the premier said sacrifices of all stakeholders including business community was required to deal with prevailing challenges.<\/p>\n

PM Shehbaz said the government was taking all possible measures for promotion of industry and agriculture. However, in the given circumstances and in the face of grave challenges, industrialists and business community would have to play their role even more actively for enhancing exports and stabilising the economy, he added.<\/p>\n

Read more:\u00a0Imran Khan defends protests in cantt areas, disowns vandalism<\/a><\/strong><\/em><\/p>\n

Citing an example of Bangladesh textile industry, PM Shehbaz urged the business community to examine as to why Pakistan\u2019s economy was unable to achieve the desired targets and its full potential despite having all natural resources.<\/p>\n

Bangladesh textile sector totally rely on imported cotton, but it is developing fast and gaining a niche in the global market while Pakistan\u2019s textile is losing competition in the export markets, the PM added.<\/p>\n

Pakistan\u2019s foreign reserves jump to $14 billion<\/h2>\n

In the same address, the PM disclosed that the country’s total foreign exchange reserves rose to $14 billion after the country received funds from friendly countries and International Monetary Fund (IMF) following $3 billion Stand-By Arrangement (SBA).<\/p>\n

He said that the incumbent government saved the country from default as the country received $2 billion from Saudi Arabia, $1 billion from UAE and $1.2 billion from the IMF.<\/p>\n

PM Shehbaz said forex reserves stood at $14 billion when the coalition government came to power in April last year, adding that the reserves reached the same level where they were previously.<\/p>\n

He also lauded China\u2019s financial support to Pakistan saying that Beijing rolled over $5 billion of commercial and sovereign loans, which played a key in securing IMF bailout package.<\/p>\n

\u201cWe have to take optimum benefit from the IMF deal by utilising the amount on economic development and people\u2019s prosperity,\u201d he remarked.<\/p>\n

He added that unfortunately, the Pakistan-US relations were hit hard by the \u201cill-conceived decisions and remarks\u201d by the previous Pakistan Tehreek-e-Insaf (PTI)-led government.<\/p>\n

The incumbent coalition government with collective efforts nomalised and improved ties with the USA, he added.<\/p>\n

During the previous government, the PM said, national interests were compromised for personal interests, and the economic situation became even worse when the IMF pact was violated in the past.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prime Minister Shehbaz Sharif has emphasised the need for immediate structural reforms to steer the country out of crisis saying that there is no other way but to take initiate \u201cdrastic structural and economic reforms\u201d. Addressing the office-bearers of Lahore Chamber of Commerce and Industry (LCCI) and renowned businessmen and industrialists at Governor\u2019s House in […]<\/p>\n","protected":false},"author":8,"featured_media":17891,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[427,160,253,367],"class_list":["post-17890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-pakistan","tag-saudi-arabia","tag-imf","tag-pmln","tag-shehbaz-sharif"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/17890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=17890"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/17890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/17891"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=17890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=17890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=17890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}