Prime Minister Shehbaz Sharif on Friday said that deep-rooted elements involved in corruption and criminal negligence to bite the national economy will be prosecuted.
Referring to the 2019 athletics system agreement, the Prime Minister said that the system is nothing but a cruel joke on the people as there is no improvement in the tobacco, cement, sugar and fertilizer sectors.
He said the contract was a complete sham and contained no penalty clause.
The Prime Minister chaired the meeting of the Cabinet of Ministers at his home and ordered the formation of a research committee that submitted its report within 72 hours.
Regarding macroeconomic indicators, the Prime Minister expressed satisfaction with the collective performance of the current government and the caretaker. According to the recently published Pakistan economic report, many indicators such as IT exports, remittances, capital markets are showing positive results due to wise government policies.
However, he noted that much work remains to be done. He also said that the government will carry out a “major surgical operation” to eliminate the serious economic problems in the country.
Prime Minister Shehbaz Sharif announced that the review of the electricity sector has been completed in four phases, and important decisions have been taken to reduce electricity theft and losses and reduce electricity prices. He also said that the government has taken a decision in principle to demerge distribution companies (DISCOs).
The Federal Board of Revenue (FBR) has said that there is an old and outdated system that needs to be replaced to improve the tax-to-GDP ratio. He said there is potential to generate additional income of hundreds of billions of rupees by implementing reforms in the FBR system.
“We have to take a firm decision in the larger interest of the country and we will fully monitor the implementation phase,” the Prime Minister said.
Regarding the privatization of State-Owned Enterprises (BUMN), the prime minister assured that the process will be carried out as quickly and transparently as possible.
