PM Kakar credits all stakeholders for economic revival

Despite initial challenges in 2023-2024, government addressed structural and macroeconomic issues

Caretaker Prime Minister Anwaarul Haq Kakar on Friday commended the collective efforts of all stakeholders in steering the economy back on track.

Speaking at the Pakistan Stock Exchange (PSX) during the first auction of the Government Ijarah Sukuk Bond, he acknowledged the regained investor confidence, attributing it to the successful standby agreement with the International Monetary Fund (IMF), the execution of the annual budget 2023-24, and improvements in fiscal and external accounts.

Congratulating all stakeholders on the auction of bond through PSX, the prime minister praised the current performance of the PSX, emphasising its crucial role in the national economy. Despite initial challenges in 2023-2024, the government addressed structural and macroeconomic issues, resulting in a positive impact on the stock exchange.

Read: Govt poised to float Rs30b Sukuk at PSX

Kakar emphasised that the bullish sentiment in the stock exchange was facilitated by an improved economy, foreign investor participation, a high yield, and a stable exchange rate. He reiterated the government's commitment to nurturing the resilience of the capital market, recognizing its stabilising role and ability to absorb shocks.

During the ceremony, caretaker finance minister Shamshad Akhtar welcomed Kakar to launch the Government Sukuk Auction through the PSX. She highlighted the significance of Ijarah Sukuk as a groundbreaking and innovative product beyond the State Bank's traditional control over government securities.

The premier, symbolically ringing the gong of the stock exchange, expressed that it not only signalled market transactions but also represented an epitome of progress and prosperity.