Pakistan’s Civil-Military Leadership Vows to Continue Economic Policies Amid Crisis

Pakistan’s top civilian and military brass has reaffirmed its dedication to upholding consistent policies and taking challenging decisions through the Special Investment Facilitation Council (SIFC) to guide Pakistan through the economic crisis.

The committee emphasized a unified approach under SIFC to tackle the country’s challenges, commit to policy persistence, and take decisive actions in the national interest. General Munir assured the armed forces full support for governmental economic initiatives, promoting a conducive environment for realizing Pakistan’s economic potential.

Prime Minister Shehbaz Sharif advocated for SIFC as crucial in these challenging times, calling for collaboration and setting aside political differences for economic stability. He lauded the caretaker government for effectively advancing the national economic agenda.

A “historic moment of seamless transition” was highlighted, with the meeting serving to brief the incoming cabinet alongside the caretaker cabinet. The committee lauded PM Shehbaz Sharif for founding SIFC in June 2023, noting its significant progress and contribution to investment, privatization, and economic stabilization.

Addressing the apex committee, PM Shehbaz hinted at a likely three-year continuation of the new International Monetary Fund (IMF) program, emphasizing unity among civil-military leadership and political parties for national development. He stressed the SIFC’s importance in facilitating foreign investments and underscored the need for macroeconomic stability and reforms under the IMF program.

The government aims to digitize the Federal Board of Revenue (FBR) and address electricity theft, significantly impacting the national treasury. PM Shehbaz also called for the privatization of loss-making state entities and acknowledged the need for tough but necessary financial decisions to alleviate subsidies benefiting the elite.