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Home Opinion & Editorial Editorial

Joint efforts needed for economic stability

Editorial by Editorial
March 22, 2024

Pakistan is facing one of the most severe economic crises in its 75-year history, with skyrocketing inflation causing immense hardship for the common man. While the situation demands urgent attention and concerted efforts from all sectors of society, political divisions and infighting persist, hindering progress.

It is imperative for every politician and political party, irrespective of their position in power or opposition, to prioritize the nation’s interests and work collectively to steer the country out of the economic turmoil. Pakistan has sought a fresh bailout package from the International Monetary Fund (IMF) to alleviate its financial woes, highlighting the country’s longstanding reliance on foreign debts.

However, true economic stability cannot be achieved through external assistance alone. It requires a unified approach from all segments of society, transcending political and personal differences. The recent reaffirmation of commitment from both civilian and military leaderships to address the economic challenges together is a positive development.

At a recent apex committee meeting of the Special Investment Facilitation Council (SIFC), chaired by Prime Minister Shehbaz Sharif and attended by key government officials and military representatives, the resolve to navigate the economic challenges was reiterated. The need for a consensual approach under SIFC was emphasized to tackle the myriad challenges confronting the nation.

It is heartening to see the Army Chief, General Asim Munir, pledging full support to bolster the government’s economic initiatives and ensure a secure environment conducive to economic growth. PM Shehbaz stressed the importance of unity and an unwavering resolve to serve the country’s interests amidst challenging times.

As Pakistan braces itself to overcome the economic crisis, it is crucial for all stakeholders to set aside differences and work collaboratively towards a common goal. The nation’s collective efforts, supported by a unified leadership, hold the key to steering Pakistan towards economic stability and prosperity. With concerted action and determination, Pakistan can emerge stronger from its current economic challenges.

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