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Pakistan’s New PM Pushes Populist Measures, China Projects

  • Lawmakers from Khan’s party resigned ahead of the vote
  • The new PM has been chosen after a week of political drama
Bloomberg business news
WATCH: Pakistan’s newly-elected Prime Minister Shehbaz Sharif has unveiled a raft of populist measures as he bets on centrism ahead of relief talks with the IMF.Source: Bloomberg
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Pakistan’s Prime Minister Shehbaz Sharif unveiled a raft of populist measures and pushed for the speedy development of a key project under Chinese President Xi Jinping’s Belt and Road Initiative in his first policy speech after getting elected.

Sharif, who has a reputation as a business-friendly administrator, said he wanted to turn Pakistan into a “paradise” for investments to shore up an economy that has come under pressure with declining foreign exchange reserves and a weaker rupee. However, he also announced an increase in minimum wages and planned to raise civil service pensions, warning of big budget and current account deficits this year.