- Advertisement -
WAH CANTT, Nov 27 (APP):Federal Minister for the Board of Investment, Qaiser Ahmed Sheikh,on Thursday told a foundation-laying ceremony for a high-rise project near Wah Cantt that the current government is taking concrete steps to steer the national economy toward stability.
He contrasted the present administration’s efforts with the previous PTI government, which he said had “severely damaged the country’s financial stability.”
Sheikh highlighted that the former regime granted Rs 900 billion in zero-interest loans over ten years to just 150 hand-picked individuals, siphoning resources away from medium-scale industrialists. He described the practice as an unprecedented plundering of the nation, noting that finance-committee members refused to disclose the beneficiaries’ names.
The minister announced that the three-year economic stabilisation programme is now halfway through and expressed confidence that Pakistan will exit IMF restrictions within the next 18 months. He stressed that balancing income and expenditure is essential for sustainable recovery and reiterated his personal commitment to economic policy-making, adding that he does not draw a salary as a federal minister.
Sheikh also warned of regional challenges, pointing out that Pakistan’s defence budget of $9 billion pales beside India’s $85 billion, while China’s rise—lifting 700 million out of poverty and achieving $5 trillion in exports—stands in stark contrast to Pakistan’s $32 billion export figure. He lamented that despite Pakistan’s role in fostering U.S.–China ties, the country has failed to reap economic benefits, with large sums of black money continuing to flow abroad.
Concluding, the minister affirmed the government’s dedication to facilitating investment, resolving industry-related issues, and strengthening the economy so that Pakistan can emerge from external constraints and achieve lasting growth.