On Wednesday, Finance Minister Miftah Ismail asked every business to export 10% of its goods to generate foreign currency for Pakistan and assured that the government would support exporters in this effort.
Speaking to the Leaders of Islamabad – Business Summit, he asserted that adhering to four principles will put the nation on the path to prosperity and development:
- Living within one’s means
- Encouraging exports
- Raising agricultural output
- Placing a priority on children’s education
Ismail said there was an urgent need to pinpoint the errors that had contributed to Pakistan’s development being slower than that of other nations.
The finance minister stated that the nation was heavily indebted, with a deficit of Rs. 5.2 trillion last year and Rs. 3.5 trillion during the previous four years. According to him, during the five years of the previous PML-N administration, the deficit was Rs1.6 trillion.
The minister claimed that the nation’s debt had more than doubled over the previous four years. However, he stressed that it would be restrained at Rs4tr for the remainder of the year.
Ismail claimed that if the debt had been applied to increasing production, there wouldn’t have been a problem.
According to the minister, this month’s dollar inflows have outperformed dollar outflows due to the steps implemented by the current administration.
Second, the minister stressed the urgent need to concentrate on diversifying exports to increase them. He claimed that over the previous 11 years, the export industry had received no attention, and as a result, there had been no significant increase and a fall in exports.
Ismail pointed out that the nation has imported 1.1 million tons of wheat this year and said that the money used to buy grain might be saved by increasing agricultural production, assisting farmers, and implementing cutting-edge technologies.
Radio Pakistan quoted the minister as adding that a task group had been established to solve the issues in the agricultural sector.
The minister also emphasized the significance of distinguishing rural from urban poverty and developing policies to increase the wealth of the underprivileged.
Ismail claimed that since the 1970s, numerous governments had failed to provide proper education, and even the private sector had fallen short. He stressed that future generations’ issues would be resolved if kids received a good education.