His speech triggered a nosedive at the Pakistan Stock Exchange, as its benchmark KSE-100 index saw a sharp 2,053-point drop before trading was halted. As of 12:00pm, it stood at 40,663.62, down 4.81 per cent.
In an address today, the premier took the nation into confidence over what he described as “tough” budget decisions. He said that the coalition government made “courageous” decisions to protect the country from “serious dangers”.
He recalled that the government had two options when it first came to power: call fresh elections or take tough decisions and tackle the sinking economy. “It would have been very easy to leave the public in crisis and become silent spectators like others.”
And despite the challenges, the prime minister pointed out, the government chose the latter.
He said history had witnessed that in difficult times, it was the poor people who always made sacrifices. “Today, it is time for the affluent citizens to do their part. It is their turn to show selflessness. And I am confident that they will contribute fully to play their part.”
He said the institutions whose job to collect tax should take from the rich and give to the poor. However, he lamented that the “big ones” evade paying tax.
The prime minister said it was the collective responsibility of the state — including the PM — that tax money went to the national treasury. “We have been unsuccessful in this so far,” he added.
PM Shehbaz said: “It is never too late. Right after the budget [is passed], teams have been formed to go all out to collect taxes. Assistance will be sought from all constitutional institutions and we will employ modern technology and digital tools [for the purpose].
‘The rich will have to do their part’
PM Shehbaz said the steps taken in the budget were designed to ease the burden on the poor. “And the classes who are blessed, today, this nation is demanding of them to also work hard, to come forward and to make Pakistan prosperous, progressive and with its head held high,” he added.
The premier called on the wealthy to distribute some of their wealth and “relive the memory of Ansar-i-Madina“. “This is your responsibility, and the nation demands it of you,” he said.
He said it was his belief that the steps that were taken now would not only add to Pakistan’s treasury, but would also create ease for the poor and make Pakistan economically self-reliant.
