PM Nawaz has ensured rapid economic progress: Kuchela
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No power can defeat Pakistan on economic front
Pakistan enjoys trust of international institutions
Prime Minister Nawaz has ensured rapid economic progress in the country which was on the brink of bankruptcy three years ago, a political leader said Wednesday.
Pakistan’s economy has been stabilised due to serious efforts and now no power can defeat Pakistan on the on economic front, said Muhammad Aslam Kuchela, former MNA and member of PML-N Provincial and General Council.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch, he said that many powers are against the economic corridor but it would be completed well in time which will be the beginning of a new era of peace and prosperity.
Prime Minister Nawaz Sharif has introduced policies that are being lauded by dozens of international institutions which is a great achievement, he said, adding that irrespective of inherent weaknesses our private and public sectors have made great strides.
Muhammad Aslam Kuchela said that in terms of purchasing power our economy is ranked 24th in the world and its 200 million population are the decisive factors for social mobility, growth and productivity.
He said that the China-Pakistan Economic Corridor is a game-changer, which is undisputedly acting as the biggest driving force spurring foreign investment. An investment to the tune of $50 billion from Beijing is unprecedented in the country’s history.
This new relationship has also strengthened strategic understanding between Pakistan and China and more than 40 projects have been identified under the $51 billion CPEC framework, out of which a staggering $35 billion will go to energy projects, he added.
He informed that at the macro-economic level we have made progress irrespective of bottlenecks. Inflow of capital in the last few years has helped in the development of infrastructure, especially in the sectors of health, education and civic amenities.
The confidence of the market can be judged from the performance of the stock market, which has done a commendable job in the year 2016, rising 46 per cent over the last year. Foreign remittances of $20 billion per annum is the lifeline of economy.
At the occasion, Dr. Murtaza Mughal said that political parties should not indulge in useless protests which amounts to damage the pace of reforms and progress.
Pakistan enjoys trust of the lenders which will act as a catalyst in redoubling its successes in the years to come, he added.