Pakistanis economy and to discuss the emerging opportunities that might provide so good morning and thank you for making the time your excellency of assumed office as Prime Minister and August 2018 with a mission to achieve nya Pakistan knew Pakistan tell us more about well thank you first of all let me say what a pleasure it is to be.
Here opportunity to talk about Pakistan investment opportunities but near Pakistan is actually the Pakistan it was meant to be Pakistan was the only state well one of the two states made in the name of an ideology.
Which was Islam so when we talk about near Pakistan it is going back to the vision of the founding fathers of Pakistan and what the founding fathers of Pakistan envisaged was a stage based on the principles of the first Islamic state of Medina and that’s those principles were justice meritocracy a welfare state where the state took responsibility for the weakest section of the society and above all state to.
Educate its people so these were the principles which very lofty principles why Pakistan came into being so when we talk about near Pakistan it means going back to the principles of the what the founding fathers stood for and hence the struggle to educate our people develop our human resources strengthen our institutions especially of justice and you know sadly sadly for us some of those principles are more visible in say the Scandinavian Republic’s.
Say in Switzerland say in New Zealand then in in Pakistan what was supposed to be an example for what an ideal Muslim state was supposed to be you’ve.
Mentioned so many important points that I’m gonna go back to one by one so working.
On human capital fighting corruption and powering the economy the work is through the economic agenda of your government now well you know we.
Have been in power for sixty days we have inherited two big deficits fiscal deficit current account deficit and so the immediate concern for our government is to increase our exports we need to increase exports because we have.
Shortage of foreign reserves because of a current account deficit we need to get more remittances through the banking channels because they’re about eight to nine million Pakistanis who work abroad who are living abroad so we need to to bolster our foreign exchange reserves immediate improvement in exports giving incentives.
To the exporters getting Pakistanis to send remittances through the banking channels because then you know we would have enough dollars at the same time clamping down on money laundering it’s a problem in most of.
The developing world where the money leaves the country through illegal channels and then create the opportunities for investment so this is this these are the immediate measures we have been taking in these two months and obviously to.
Get through this difficult period we’re looking for loans and that’s actually my question because an ambitious agenda you require resources how does your government plan to overcome the existing financing gap are.
We talking about loans IMF program what are the options you have on the table well you know whatever reforms we do today the impact will be in maybe three months six months a year’s time so right now we need to have loans to go through this difficult period of.
Repaying or servicing our debts for our imports so we are talking to both IMF and also we are talking to friendly governments that we could have go through this difficult period to have.
Be applying for another IMF program yes we’re talking to the IMF what we are hoping is that we can do a bit of both get some loans from friendly governments at the same time I get a loan from the IMF and so to go through.
This period which we feel we have a tough period for the next three to six months I’m gonna go back to the points you mentioned in your first answer so during your victory speech your main point was fighting corruption in Pakistan and powering the economy how is your government aiming to ensure transparency so you can revive the investors confidence in Pakistan and investing in Pakistan firstly loopty you must understand that corruption is what makes a.
Country poor corruption is the main difference between the developed world and the developing world countries are not poor because they lack resources for instance Congo has so many resources it’s one of the most resource.
Rich area in the world as opposed to Switzerland which comparatively hardly has any resources the differences that what corruption does is it does two things one it destroys state institutions when the ruling elite is corrupt it can only make money by destroying all those institutions that are check and balance in the way of corruption and secondly corruption.
Diverts money from human development to mega projects which give mega kickbacks which leave a country indebted so Switzerland is one of the most prosperous countries in the world because it has very good governance it has strong state institutions and it uses the.
Money to develop its human resources so in Pakistan the challenge is how do we strengthen our institutions enough to make it impossible for people to be corrupt or corruption at.
A level which is manageable and secondly divert the resources to develop our human resources this is the challenge of Pakistan so what we’ve been trying to do since we be since we bid 60 days in power is to strengthen the state institutions develop.
The reasons why state institutions get.
Destroyed is because cronies have been put in key positions who then once once there is no meritocracy in a state institution in and there’s no rule of law the state institutions do not prevent anyone.
From stealing money from the country so this has been the main agenda of a party and then secondly to prioritize institutions that we had the exporters so hence we have we have made all the laws at the moment to help our exporters concerned about youth and employment training youth to be able to find job and creating jobs tell us more about the.
Agenda in that particular field Pakistan has a hundred million people below the age of 35 now in one.
Way that’s a huge opportunity but secondly it is a big pressure on the government to find employment for this young population we have embarked on a very ambitious program Pakistan has 10 million shortage.