PM Shehbaz urges exporters to deliver

Prime Minister Shehbaz Sharif urged exporters to fulfill their responsibilities and contribute to export-led, sustainable economic growth during a virtual address at the Pakistan Stock Exchange (PSX) in Karachi. The prime minister criticized certain industries for receiving government incentives and support without yielding expected outcomes.

He did not specify the failing industries, instead urging them to improve their performance and play their part in driving economic growth. The prime minister highlighted that successive governments had provided substantial support and incentives to exporters, but the prices of relevant products had risen while their quality had declined.

Finance Minister Muhammad Aurangzeb provided a detailed review of the ongoing reform agenda agreed upon under the IMF Extended Fund Facility. He emphasized the need for the government to demonstrate greater fiscal discipline and shift borrowing away from banks to non-banks and retail investors. Aurangzeb also announced that the government is conducting an overall review of all asset classes, including VCS, Sukuks, and REITs, and plans to implement reforms in taxation and regulatory frameworks to boost the capital markets.

The Capital Market Development Council, which includes the Governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and other stakeholders, will present recommendations to the Prime Minister's Office, the central bank, SECP, and Ministry of Finance by the end of the year.