We did not inherit an economy like Sweden or maybe China. Maybe then you could have questioned me more about what we have done. But currently, the economy was in shambles which we have set in right direction.
There are two things on the basis of which the world judges your economy. 1) Fiscal debt 2) Current Account deficit. For us, these two things were major issues.
God forbid if the countries like UAE, Saudi Arab and more recently Qatar, hadn’t helped us, we might have defaulted as a country.
So two things affected our Rupee’s strength: our CAD and money laundering. But now things are under control. We have a meeting with IMF on the 3rd of July and things are going in the right direction so far.
I am convinced that the people who ruled this country before & those who looted Pakistan; their interests are opposing Pakistan’s interest. Only if this country got leaders who had their whole livelihood based in Pakistan. I have everything in Pakistan, the country faces downfall, I face downfall.
See how Fake Account case, Shahbaz’s TT case, Nawaz’s property issue. All are forms of money laundering.
At first, they left Pakistan at the verge of collapse and then they try to destabilize Pakistan’s current govt. The 12th man of politics is there gathering people to topple our govt.
Asif Zardari was President of Pakistan yet visited Dubai 40 times. The number of times Nawaz went to London as PM is before everyone to see. They spent Eid abroad.
Then we had an important meeting over smuggling. Like the Ayyan Ali fiasco. We have made a comprehensive plan to counter smuggling and money laundering. A high-level meeting with all security agencies was called upon & we’re taking a huge leap forward.
Some people are propagating how the export sector is being taxed. I am saying this on record that we have not taxed the exporters. We subsidized electricity for exporters also to reduce cost of business. Exports are also increasing in quantity.
I asked Razzaq Dawood also, the business community is on no strike. What could have happened in 24 hrs that they took their decision of going on strike, back? There was no strike, it was just fake news.
We’re following the Chinese model despite the lack of fiscal space for wealth creation. We have to create wealth to pay off the debts.
Inter bank payments are cash outflows. There was immense pressure on Rupee in inter bank during June because most companies have closing in that month. But that pressure was short timed & now things are getting better.
The important thing to note is that no fixed rate has been decided upon with IMF. And neither it is purely free float.
The previous ruling elite did money laundering for which they maintained a certain artificial value of dollar. But now it has been decided USD will be brought to its genuine & appropriate parity.
Rs. 5500 billion tax collection is possible when we will broaden our tax net & reform FBR time to time. This is something inevitable for Pakistan.
For those who say economy has shrunk; import led economy is not growth, it is a bubble. Growth is always export oriented.
Reforms are always tough. That is why one must not be intimidated. Cancer treatment seems painful but is necessary.
A few people who pay tax cannot run the entire country. We are bringing reforms in Taxation & FBR but biggest reform is the people have to become filers.
I want to say that these people who bash us should have some shame. They left the country in shambles. Each institution was left in loss, they boast about 5% growth rate in import focused economy that soared our CAD record high.
If today we start building jails in Pakistan, even that is growth if you want to call it. You’ll use bricks, steel etc. That is also growth. But growth must also have some quality.
We are focused on growth but quality growth. E.g the kind of growth housing industry will bring. Not something short-lived or misrepresented.
When loans increment from Rs. 6000 billion to 30,000 billion, debt servicing also increments. So it is inevitable for us to increase our tax collection.
I discussed Malaysia’s crisis with Mahathir Mohammad. They fixed the exchange rate but they also came out of that bad phase.
The exchange rate is affected by what you buy from the world and what you give to the world. There needs to be a balance and we are striking that.
And then the country will progress with FDI. Pakistan is blessed with strategic location. Putin met me at SCO, I talked to him & realized how Gwadar would be of so much interest to Russia & central Asia because of being a port at shortest distance
Japanese are also interested in dealing with companies here. The only issue was instability.
Due to that 12th Man of politics & Jamhooriat Bachao crowd, 3 ambassadors complained to me how they are willing to invest in Pakistan but unsure because opposition is coming out on roads; which is for no concrete reason either.
The exact value of exchange rate cannot be predicted. It is dependent on market. And there is a distortion in market. Which drives speculated purchase. So those creating propaganda about Dollar’s value should stop doing this disservice to the country.
This country will prosper through industrialization. Thanks to our strategic position in the world, foreign investors are eager to come to Pakistan. All we need is to create ease of doing business in Pakistan.
Small & medium industries are also facing problems due to plethora of procedures and departments. We are trying to remove all that redtapism.
NRO is not happening in Pakistan anymore. I saw their budget speeches which came straight through their hearts that “let us move on. Forget the past”. Our country got destroyed among these NROs.
Our debt reached from Rs. 6000 billion to 30,000 billion because of two NROs.
This time they have to return Pakistan’s money. I will not be pressurized by any country of the world to give any lenience.
I have asked the Law Ministry to legislate something that removes these money launderers from A class jails & imprisons them into jails where any other Pakistani thief would be imprisoned. Why have we kept money launderers as VIPs?
I was contacted by some “arbitrators” to let the looters go. But even those arbitrators said they know my attitude so they won’t really intervene.
The ruling elite’s bey-nami accounts & properties will also be seized starting from tomorrow.
These are our own people who had been nurturing bad habits. But high time we realize, Pakistan cannot go on about like this as it was.
Amnesty Scheme cannot involve politicians because their source of asset is criminal proceeding. The law doesn’t allow that, FATF also doesn’t allow that. It is for those who made assets via business.
Our tax culture never developed because if we go to origin, people considered it a good thing to restrain tax from the English colonialists.
We led austerity from ourselves. All the ministers approved salary cuts, all military leadership is going for salary cuts. I’ll be staying at embassy during my US visit. We need to assure people their tax money is not being misused.
I have never compromised on Pakistan’s interest. I came due to public support. I am not dependent on anyone like Gen Musharraf or Zia were. Neither I have any wealth stashed abroad like exposed in Ron Suskind’s book about Benazir. I cannot be blackmailed.
Electricity prices increased because PMLN left the biggest circular debt in Pakistan; Rs. 38 billion. Omer Ayub, I want to commend him, brought it down by Rs. 12 billion to Rs. 26 billion.
For the first time, farmers got the right price for sugarcane, wheat and rice. Also planning for cotton farmers. We are also bringing agricultural reforms for farmers.
We will also use Chinese technologies to increase our yield.
PIA has improved a lot. 4 companies have showed interest in reviving Steel Mills. Railways is also showing improvement.
No one has been given any Changa-Manga type incentives. All these who met me have realised their parties are going in a downward spiral. No one has been offered any money whatsoever.
Cabinet reshuffle is constant. Hammad has been promoted to full minister. Murad was made State Minister, now promoted to Full minister due to his performance. This is a party based on merit.
The Chairman Senate will be 100% backed by us.
For the 1st time in history, we spent the most amount on FATA & Balochistan.
I have no issues on the word “selected”. And since Bilawal understands English better, I’d say “Mind over matter”. I don’t mind, they don’t matter.
We have had issues with police reforms. The police were used to extra judicial killings. They need trainings on investigating the matter even. So reforms in that area are challenging.
No discussions have taken place regarding COAS Gen Bajwa’s extension as of now