“I would reduce the tax rate by 15 per cent if circumstances allowed, but I am constrained by the requirements of the IMF,” he said while addressing the inauguration of Movenpick Hotel in Islamabad on Monday.

In September, the IMF’s Executive Board approved a new $7 billion, 37-month loan agreement for Pakistan that requires “sound policies and reforms” to strengthen macroeconomic stability. The approval released an immediate $1 billion disbursement to Islamabad.

The crisis-wracked South Asian country has had 22 previous IMF bailout programmes since 1958.

The inflation rate in the country “is below five per cent” and the government was working to lower electricity rates, the premier said and assured that a “significant reduction” in electricity prices would occur in the coming months.

He assured “extensive efforts” of the government to ensure ease of doing business and trade facilitation to businessmen for reviving economic growth.

He added that a policy aimed at facilitating business operations would be revealed in the coming days, emphasising improving business conditions.

The prime minister expressed optimism about the country’s economic revival and reiterated the government’s commitment to fostering progress across various sectors.

He emphasized the growth in exports, particularly in the IT sector, and outlined the government’s vision for economic development in agriculture, industry, IT, mining, and minerals.

While addressing the challenges faced by the industrial and agricultural sectors due to high power tariffs, PM Shehbaz assured participants that the government was working tirelessly to bring substantial reductions in energy costs in the coming months.

“A competitive industrial sector is essential for economic growth, and we are committed to easing the cost of doing business,” he said and reaffirmed the government’s stance on downsizing and rightsizing public entities to reduce government expenses.

He also invited Pakistani investors to participate in the bidding process for the privatisation of Pakistan International Airlines.

“Just as banks were successfully privatised during the 1990s under Prime Minister Nawaz Sharif and are now thriving, PIA too will be transformed into a world-class airline, just as it was in the 1960s,” he stated.

He expressed hope that the incumbent IMF programme would be Pakistan’s last. “Pakistan will resurrect as a great nation through the collective efforts of stakeholders and nation-builders,” he said.

PM Shehbaz calls for strengthening legal framework against human trafficking

PM Shehbaz has called for strengthening the legal framework to address the human trafficking issue.

While presiding over a meeting of the task force established to combat human trafficking, PM Shehbaz stressed the need for collaboration between the Ministry of Interior and the Ministry of Law and Justice to enhance the “effectiveness” of the legal framework. He called for expedited implementation of the Federal Prosecution Service Act, 2023.

The PM instructed the Federal Investigation Agency to provide the Ministry of Foreign Affairs with information gathered during investigations against human traffickers, facilitating their swift extradition from abroad.

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He reiterated that a comprehensive approach involving the collaboration of all institutions was essential for effectively combating human trafficking.

Moreover, he directed the issuance of red warrants for the arrest of fugitives involved in human trafficking. He highlighted the urgency of acquiring the necessary manpower for the arrest and prosecution of traffickers.

In light of the recent tragedy involving the drowning of migrants from Morocco, where 27 human traffickers have been identified and five apprehended, the PM stressed the need for “immediate action” in addressing the issue.