General Asim Munir Promises to Tackle Corruption, Attract Foreign Investment
COAS Vows to Make Pakistan Self-Reliant by Reducing IMF Reliance,
Army Chief Holds Marathon Meetings with Business Leaders to Discuss Economic Crisis,
KARACHI, Amidst a somber economic climate marked by ongoing crises in wheat and cotton production, as well as a looming dollar shortage, Pakistan’s Army Chief, General Asim Munir, has signaled a ray of hope for the nation. He has indicated that substantial foreign investments in various sectors are on the horizon, potentially transforming the country’s economic outlook.
During a marathon four-hour meeting with approximately 50 leading businessmen on Saturday, General Munir shared insights from his recent visit to Saudi Arabia. He conveyed to Mohammad Bin Salman, the Crown Prince of Saudi Arabia, that Pakistan is not seeking a mere $1-2 billion investment. Instead, the ambitious goal is to secure a whopping $25 billion commitment under the Special Investment Facilitation Council (SIFC). This initiative is designed to attract investments in Pakistan’s agriculture sector by offering land and ensuring export opportunities.
Sources close to the matter revealed that General Munir proposed that $10 billion of this substantial investment be earmarked to address Pakistan’s pressing foreign exchange issues, with a commitment to return the funds in rupees.
General Munir’s proactive diplomacy extended to the United Arab Emirates (UAE), where he urged the UAE’s ruler to contribute $10 billion to bolster Pakistan’s foreign exchange reserves. Reportedly, the UAE ruler has agreed to this proposal. Additionally, a pledge of another $25 billion investment hinges on the condition that the Pakistani Army supports the initiative.
Furthermore Gen Asim Munir also assured businessmen of bringing $25-30bn investment from Qatar and Kuwait in his next visit to improve the country’s economy. He said that he would try to bring a total of $75-100bn investment from Saudi Arabia, the UAE, Qatar and Kuwait.
Pakistan’s Army Chief, General Asim Munir, has voiced deep concern over the country’s current economic situation, acknowledging its simplicity of understanding but expressing uncertainty about finding a viable solution. Over the past two days, Pakistan witnessed two remarkable meetings that brought together influential business leaders from diverse sectors. The first gathering convened in Karachi on Saturday, followed by another in Lahore on Sunday, with both events being chaired by General Asim Munir. In Karachi, around 40-50 prominent figures attended the meeting, while Lahore saw a substantial turnout.
These meetings provided a platform to address pressing concerns, including the role of the National Accountability Bureau (NAB) and the overall economic health of Pakistan. General Asim Munir assured attendees that these concerns would be tackled head-on. Despite these reassurances, the business community remains deeply apprehensive, primarily due to the specter of a potential economic collapse. This apprehension stems from the staggering oil prices, soaring above 300 rupees per dollar, sugar rates reaching approximately 200 rupees, and the imminent threat of flour prices surging from 48 to 200 rupees.
General Asim Munir clarified that while Pakistan’s currency isn’t in such dire straits as to reach the 300-rupee mark, the open market rate currently hovers at that level. Furthermore, he underscored the imperative to combat corruption, pledging a zero-tolerance approach towards corrupt individuals and organized criminal networks.
The Army’s focus extends beyond anti-corruption measures; they are resolute in eradicating the smuggling of dollars into Afghanistan and curbing illicit trade along the Afghan border. Their vision includes attracting substantial investments from Arab countries, with a target of $25 billion. Discussions have already transpired with Muhammad bin Salman, who expressed keen interest in investing in Pakistan’s agriculture and mining sectors. Additionally, China is poised to join these investment endeavors.
To facilitate these investments, a proposal was put forward for provincial governments to receive a share of profits from these ventures. General Asim Munir provided assurances to investors, including Muhammad bin Salman, that the Army would safeguard their investments and prevent unwarranted interference from government agencies such as NAB or FBR.
Efforts are underway to fortify Pakistan’s IT and finishing sectors, with significant contributions expected from China. The overarching objective is to create an economic environment in Pakistan that no longer necessitates reliance on IMF programs. General Asim Munir emphasized the urgency of Pakistan standing on its own feet, as many participants expressed concerns that the IMF program was stifling the nation and leaving little room for maneuver.
In summary, General Asim Munir’s engagements with business leaders were centered on addressing Pakistan’s economic challenges, combating corruption, attracting substantial investments, and reducing dependence on IMF support. The ultimate aim is to establish economic stability and self-reliance for the nation.
