Pak PM lauds Bangladesh’s economic progress
Says ‘we feel ashamed when we look towards them’
Lauding Bangladesh's economic growth, Pakistan Prime Minister Shehbaz Sharif has noted how "East Pakistan", which was "once considered" a burden on the country, made tremendous strides in industrial growth.
"I was quite young when... we were told that it's a burden on our shoulders...Today you all know where that 'burden' has reached [in terms of economic growth]. And we feel ashamed when we look towards them," said Shehbaz during an interactive session with the business leaders of Pakistan.
Sharif sat down with the business community at the Sindh chief minister's house in Karachi on Wednesday to find ways to uplift the economy, reports Dawn.
While the business leaders appreciated Sharif's determination to tackle economic issues, they raised concerns about the political instability in Pakistan in the wake of former PM Imran Khan's arrest.
Karachi's business community advised the prime minister to focus on bringing about political stability to "turn around" the economy.
They also asked Sharif to initiate the trade talks with India, according to the Dawn report.
The relations between the two countries nosedived after India revoked the special status of Jammu and Kashmir and bifurcated it into two Union territories.
The Indian government's move evoked strong reactions from Islamabad, which downgraded diplomatic ties and expelled the Indian envoy. It has also cut off direct trade ties with India.
"You have made a few handshakes after taking charge that have produced good results and progress on the IMF deal is one of them," Arif Habib, the chief of Arif Habib Group – was quoted as saying.
"I suggest you do a few more handshakes. One of them is regarding trade with India, which would greatly benefit our economy," he added.
The South Asian country is struggling to recover from an economic crisis. In July last year, Pakistan had to take an IMF loan to avert a sovereign debt default.
The $350 billion South Asian economy faces a chronic balance of payment crisis.
Moreover, Pakistan faces $77.5 billion in debt repayment obligations in the next three years, equivalent to nearly a quarter of its gross domestic product.