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Economy improving after two difficult years: Imran PM addresses nation on Independence Day New deal signed with IPPs to cut cost of power generation

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Staff Reporter

Islamabad

Prime Minister Imran Khan, in a televised address to the nation on Independence Day on Friday, said that the past two years were difficult, but things were now “improving.”
“We had a very difficult two years. We didn’t have foreign exchange and couldn’t pay our debts,” he said. “We have avoided a huge crisis because we didn’t default [on payments]. But I know it hasn’t been easy for the people, I understand the difficulties they faced and still are facing.”
However, the economy has improved, the premier said, adding that the stock market trends indicate the confidence of investors and business community in the economy. He attributed the improvement in the economy to the boom in the construction sector which led to jobs and wealth creation.
“Despite the pandemic, our tax collection in June exceeded our targets,” he said, adding that exports have gone up, despite the coronavirus crisis that has wreaked havoc on global economy.
He also congratulated the nation for coming together and “fighting against the coronavirus” and said: “Hardly any other nation was able to successfully balance” between economy and the virus. He pointed out that the number of confirmed coronavirus cases had reduced and economy had started an upward journey as well.
“This does not mean we have won this battle,” he cautioned and urged people to continue taking precautions, the most important and basic of which is to wear a mask while leaving the house.
The prime minister also told the nation that the government had reached an agreement with independent power producers which would lead to a reduction in the cost of electricity production, thus reducing tariffs.
He said that Pakistan’s industries could not compete with other nations of the subcontinent like India and Bangladesh as the cost of production in the two countries was low due to cheap electricity. Pakistan, meanwhile, is facing a huge circular debt because the tariffs were less than the cost of generating electricity, which was high. He also announced that a reform package will also be introduced in the coming days in order to improve the distribution network in the country by reducing line losses and curbing power theft.
He also expressed solidarity with the people of Indian-occupied Kashmir and pledged that Pakistan would continue to extend diplomatic and moral support to the Kashmiris’ struggle for their right to self-determination. The prime minister assured the IoK residents that Pakistan will continue to raise the Kashmir issue on all forums and will also pray for the residents of the occupied territory. Premier Imran Khan said that he was seeing an “industrial Pakistan” in the future and believed that the country will reach its goals and destination in the years to come. “Today the economy is working as well as the coronavirus cases are declining,” said PM Imran.
“The good news is that [economic] conditions were improving. The stock market has started performing better due to people’s

confidence [in the country] ,” he stated. PM Imran stated that his government was to face with two problems when it was elected. “One

[of the problems] was of the loans obtained by the past governments and the other related to the power sector”. The prime minister shared

that the government is also working on bringing a comprehensive plan to stop electricity line losses and theft. Congratulating the

nation on its 73 years of independence, Prime Minister Imran Khan said that our journey towards a country envisioned by Quaid-e-Azam

Muhammad Ali Jinnah has begun.

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