ISLAMABAD: The newly elected government of Prime Minister Shehbaz Sharif is crafting a five-year economic recovery plan, the salient features of which include reducing poverty and inflation, creating employment and boosting taxes, the PM’s office said in a statement on Thursday.
In his previous term from April 2022-August 2023, Sharif’s government was able to negotiate a critical International Monetary Fund (IMF) deal for a $3 billion loan, but the process was mired in challenges, and measures required by the agreement — which expires in April — have contributed to rising prices and added pressure on poor and middle class households.
The new government will have to immediately start talks with the IMF for a new bailout to shore up the country’s economy while also dealing with growing discontent over deepening poverty.
The debt-ridden economy, which shrank 0.2 percent last year and is expected to grow around 2 percent this year, has been under extreme stress with low reserves, a balance of payment crisis, inflation at 23 percent, policy interest rates at 22 percent and record local currency depreciation.
“Reducing inflation, alleviating poverty and providing employment are part of the roadmap,” the Prime Minister’s Office said in a statement after Sharif chaired a meeting on a “5-year economic roadmap for the development of the country’s economy.”
“Actions should be taken on a priority basis to increase the capacity of agriculture, livestock, information technology, foreign investment, small and large scale industries,” the statement quoted the PM as saying, as he vowed to reduce government spending and make privatization of loss-making public entities a priority.
The PM’s meeting was held as an IMF mission is visiting Pakistan to hold a second and last review of the nation’s $3 billion stand-by arrangement. The review will last from March 14-18.
Pakistan bagged the last-gasp rescue package last summer to avert a sovereign default. The final review this week, if successful, will release a last tranche of around $1.1 billion.
Pakistan PM makes inflation, jobs and taxes priority in new 5-year economic plan
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Pakistan PM makes inflation, jobs and taxes priority in new 5-year economic plan
- In his previous term, Sharif’s government was able to negotiate IMF deal for a $3 billion loan
- New government will have to immediately start talks with the IMF for a new bailout deal
Portugal arrests dozens over hate crimes targeting Pakistanis among Muslim immigrants
- Portugal’s foreign-born population has boosted to around 15 percent of the total in recent years
- At the same time, the far right has been gaining in popularity with anti-immigrant messaging
LISBON: Portuguese police said on Tuesday they had detained dozens of suspected members of a group that spread neo-Nazi propaganda and committed hate crimes against immigrants.
The 37 suspects had “extensive criminal records and links to international groups that promote hate,” the judicial police said in a statement, adding that 15 people had been formally charged.
The victims were mostly immigrants from Muslim-majority countries in South Asia, according to local media.
The arrival of workers from Bangladesh, India and Pakistan, has boosted Portugal’s foreign-born population in recent years to around 15 percent of the total.
At the same time, the far right has been gaining in popularity with anti-immigrant messaging.
The authorities said the suspects founded a hierarchical criminal organization to promote racial hatred and violence.
Those arrested are due in court on Wednesday, suspected of spreading “neo-Nazi ideas... to intimidate and persecute ethnic minorities, particularly immigrants.”
