ISLAMABAD – Newly-elected Prime Minister Shehbaz Sharif on Monday directed his financial team to immediately initiate talks with the International Monetary Fund (IMF) for the new bailout package under its Extended Fund Facility (EFF).
Shehbaz, at his maiden meeting on economy held within hours after his oath-taking ceremony, issued a set of directives focusing on the revival of the economy, according to a statement issued by the PM Office on Monday.
On this occasion, the finance secretary briefed Shehbaz on the current economic situation of the country, which is passing through one of the most testing times — both politically and economically.
“We were given a mandate to improve the country’s economy […] this is our government’s top priority,” said the premier in the meeting in which he ordered formulating emergency steps for economic revival.
During the huddle, the premier vowed to provide maximum facilities to the business community and promote investments by adopting effective policies and legislation, as per the statement.
In a briefing, the premier was told that the Federal Board of Revenue (FBR) cleared tax refunds worth Rs65 billion. To this, PM Shehbaz said that those taxpayers who were working for betterment of the national economy and positively contributing to exports would be encouraged at state level.
He emphasised “automation” for maintaing transparency in the highest tax collection body. Premier Shehbaz ordered to immediately commence work on automation of the FBR, and other institutions.
Besides giving instructions on reform plans for institutions, the premier issued special directives to expedite the implementation of the privatisation plan for loss-making state-owned entities to avoid fiscal burden on the national economy.
During the meeting, the PM also ordered formulating high-level committee to devise a comprehensive strategy to reduce perks of the government board members.
Reviewing steps to address the longstanding issue of power and gas thefts, PM Shehbaz issued orders for devising a strategy to introduce smart metering in both sectors to reduce line losses.
He also stressed on effective strategies to financially empower youth by providing loans from banks, other financial institutions for small and medium-level businesses.
A strategy was also sought by the premier to reduce government expenditures by merging or closing institutions that are not required for the functioning of the state machinery.
He also directed to further strengthen the Special Investment Facilitation Council (SIFC) whose establishment was a “very important step for economic stability”.
According to the PMO statement, PM Shehbaz scheduled its next session on the FBR-related matters. The premier promised emergency steps for facilitating the nation besides assuring to provide maximum assistance to the business community, investors, and youth of the country.