Pakistan's new Prime Minister Shehbaz Sharif on Sunday vowed to revive the ailing economy and secure G20 membership by 2030. Shehbaz is becoming the PM for the second time after receiving 201 votes in the 336-member Parliament.
Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) together agreed to have Shehbaz as the PM candidate.
Pakistan Tehreek-e-Insaf's (PTI) candidate Omar Ayub Khan secured only 92 votes in the election.
"Pakistan had a big challenge and opportunity before it...If we come together and fight then we will be able to defeat these challenges and take Pakistan to its rightful position," said Shehbaz.
He also added that the job in front of his is difficult but not impossible.
Shehbaz also pointed out the debt crisis the nation is battling. If we decide to do a deep surgery and bring changes in the system, basic reform and I have no doubt that Muhammad Nawaz Sharif, Asif Ali Zardari and others will agree that we can either get rid of a life of debt or we move forward with heads down in shame, he added.
Shehbaz also said that his government would take initiatives to bring more business activities in the country.
"Our goal is to secure G20 membership by 2030," Shehbaz said.
Due to debt burden, the energy sector is crumbling owing a huge amount as debt to the power companies.
Shehbaz said that the government was determined to bring the country out of the current crisis. I don't want to set any deadline but due to various steps we will take, the positive results will start pouring in after a year, he said.
He also highlighted the electricity and tax thefts that has been looting the nation. The circular debt (electricity) stands at Rs 23,000 billion as only Rs 28,000 worth of recovery is made for Rs 38,000 worth of electricity that is provided to the consumers, he said.
The electricity theft is worth up to Rs 500 to 600 billion each year, he added.
While promising development, Shehbaz also said his government would provide subsidies to farmers and would undertake initiatives to support the agriculture sector.
