The Pakistani economy is battling a severe crisis, marked by inflation of over 29% in the last fiscal year. Prime Minister Shehbaz Sharif, who took office for a second term amid economic and political turmoil, attended a conference with business leaders on Wednesday where he was urged to start trade talks with India to ease the crisis-hit economy.

During the conference, Prime Minister Sharif also commented on Bangladesh's economic progress and said that the country, which was previously known as “East Pakistan” and was once considered a burden on West Pakistan, now enjoys better economic stability than his own country.

The government led by Prime Minister Shehbaz Sharif wants to reach a further staff-level agreement on a new long-term, larger loan with the International Monetary Fund by early July. The aim of this initiative is to combat inflation and stabilize the economy.

On Pakistan's trade negotiations with India

Trade talks between Pakistan and India collapsed when India revoked the special status of Jammu and Kashmir, thereby revoking Article 370 of the Constitution. India's decision provoked strong reactions in Pakistan, which downgraded diplomatic relations and expelled the Indian envoy. Pakistan has also severed direct trade relations with India.”

At the conference the country's newspaper dusk According to reports, there was concern among business leaders over the political situation in the country, especially after the arrest of PTI chief Imran Khan.

They urged the prime minister to start trade talks with India, the report added.

“I suggest you shake a few more hands. One of them is trade with India, which would greatly benefit our economy. Secondly, you should also get in touch with a resident of Adiala Prison (a reference to imprisoned PTI leader Imran Khan). Try to sort things out at this level too and I believe you can do it,” Arif Habib, head of the Arif Habib Group, was quoted as saying to the prime minister.

On the economy of Bangladesh

During an interactive session at the economic conference, Prime Minister Sharif, in a veiled reference to Bangladesh's booming economy, said: “I was quite young when… we were told that it is a burden on our shoulders… Today you all know .” where this “burden” has ended up (in terms of economic growth).”

“And we feel ashamed when we look at them,” he added.