ISLAMABAD: Prime Minister Shehbaz Sharif issued directives to prioritize privatization of loss-making government entities and strengthen support for small and medium enterprises (SMEs) during a meeting aimed at reviving the country’s economy on Monday.
The meeting began with a comprehensive briefing by the Minister of Finance, who shed light on the national economic situation.
Prime Minister Shehbaz Sharif emphasized the urgency of creating an emergency action plan to address the prevailing economic problems. He said that strengthening the economy is the main objective of the government.
The newly elected Prime Minister said he is determined to improve investment opportunities and improve the environment for the business community. Shehbaz Sharif emphasized the key role of tax compliance in promoting economic growth. He recognized the significance of tax refunds worth 65 billion cleared by the Federal Board of Revenue (FBR) based on his directives.
In line with his commitment to fiscal transparency, Prime Minister Shehbaz Sharif emphasized the need to automate the FBR and other important financial institutions to ensure accountability and efficiency in operations. Directed immediate action to the automation process.
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Shehbaz Sharif announced plans to privatize loss-making state-owned enterprises and to formulate a clear strategy to limit the privileges granted to members of government councils.
He also managed the preparation of an action plan for the transition of the energy and gas industry to smart metering.
The Prime Minister emphasized the importance of supporting small and medium-sized enterprises and ordered all banks and financial institutions to come up with strategies leading to their growth and development.
In line with his vision to streamline government operations, Shehbaz Sharif said there was a need to reduce the size of the government by merging or closing redundant departments. He said it was imperative to formulate a comprehensive strategy in this regard.
The meeting concluded with Prime Minister Shehbaz Sharif ordering another meeting to specifically focus on the Federal Board of Revenue.
