Pakistan’s PM Shehbaz Urges ‘Strong Security’ as Government Prepares Third Budget\

\Pakistan’s PM Shehbaz Urges ‘Strong Security’ as Government Prepares Third Budget\

[Cleaned and Rewritten Article Body] Prime Minister Shehbaz Sharif has reemphasized the need for “strong” national security as Pakistan prepares to present its third budget in Parliament.

He made the remarks during a federal cabinet meeting that approved the budget. “Today, we are presenting the third budget of our government,” the premier noted.

“There were definitely a lot of challenges while preparing this budget. I believe that no nation can handle its matters, let alone make progress, if its security is not strong and invincible,” the prime minister stressed.

He added that the government needs to focus on building water reservoirs and dams, as well as work with speed on indigenous energy resources, which include solar panels, wind, and batteries.

Figures show that the government had “lengthy discussions” with the International Monetary Fund (IMF) during the budget-making process. PM Shehbaz said he had a 30 to 45-minute-long phone call with its Managing Director Kristalina Georgieva, who hailed Pakistan’s economic progress.

The prime minister mentioned that measures for tax relief and economic progress will be proposed in the budget.

He also thanked his party’s ally, the Pakistan Peoples Party (PPP), for their “successful” discussions. He added that other coalition allies also provided “unconditional” support.

The Centre has been engaged in “comprehensive interaction” with the four provinces over the past one and a half months. He noted that the provinces were told how the centre needs additional funds.

The PML-N and the PPP had agreed to cut development and other expenditures at all tiers of the federation and jointly create similar, but higher, fiscal space next year for additional strategic needs.

As a result, the freeze on allocations for provincial development programs will continue for a specific period beyond one year, according to Finance Minister Muhammad Aurangzeb.

During his address, PM Shehbaz appreciated PML-N President Nawaz Sharif, calling him his “leader”, and Punjab Chief Minister Maryam Nawaz for “showing a big heart for the pressing needs of the federal government.”

He also thanked President Asif Ali Zardari and PPP Chairman Bilawal Bhutto-Zardari for their “decision in the best interest of the country”. He further thanked Balochistan CM Sarfraz Bugti’s “big-heartedness” and KP CM Sohail Afridi’s “positive sentiments.”

The prime minister acknowledged that “despite our best efforts,” the government had to impose taxes in the past two budgets due to the “national and IMF requirements so that the economy could be stabilized and the avenues for progress could be expanded”.

He added that inflation had declined to single-digit from 38 per cent in the past two years, before increasing slightly due to the ongoing Middle East conflict. He further highlighted that the policy rate had also dipped to 11 per cent from 22.5 per cent during the period, but had to be raised due to the impacts of the US-Iran war.

Today, our economy is stable, and we should hope that with this third budget, the wheel of our economy will pick up pace on the condition that we collectively work hard around the clock and stand ready to fulfill our responsibilities, the prime minister emphasized.

At the outset of his address, PM Shehbaz said he attended the funeral prayers of “martyrs who sacrificed their lives in the line of duty”, which included two Christians.

It was a heart-wrenching scenario that brought tears to every eye, he said, recalling his meeting with the families of the martyred personnel.

More to follow

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