Prime Minister Shehbaz Sharif highlighted the close relationship between political stability and economic development, stressing that the strength of a country’s economy lies in its political framework.
Chairing a meeting of the Special Investment Facilitation Council (SIFC) on Thursday, PM noted that the country’s macroeconomic indicators had significantly improved due to the efforts of the economic team. He expressed optimism that 2025 would bring further prosperity and growth to Pakistan.
"For the first time since 2018, inflation has been reduced to 4.1%, foreign remittances have increased by 34%, exports have risen, and foreign exchange reserves have surged from $4 billion to $12.5 billion," PM Shahbaz said. He added that the policy rate, currently at 13%, still had room for an additional 8% decrease, factoring in the current inflation rate.
The Prime Minister also pointed out the successful signing of MoUs worth billions of dollars with Saudi Arabia, Qatar, and the UAE, bolstering foreign investment in Pakistan.
PM stated that with the country now in the growth stage, the focus must shift to export-led growth. "We have no other option if we want to achieve economic development," he said.
The Prime Minister praised the Federal Board of Revenue and the economic team for collecting an additional Rs 72 billion under the Advance-to-Tax Ratio (ADR), which helped nearly meet the government’s tax revenue target for December 2024.
He further noted that Pakistan had reduced the time duration of container inspections by 39% and provided an 89% relief to businessmen due to the introduction of a faceless interaction facility. Additionally, smuggling of sugar through Afghanistan had been reduced to zero, which was considered a positive sign for the economy. Pakistan also earned $0.5 billion in sugar exports and $4 billion from rice exports.
On the issue of terrorism, PM Shehbaz reaffirmed the government’s commitment to countering the threat. "Security has become a big challenge today and without crushing the menace of terrorism, we cannot move forward," he stated.
PM also congratulated the relevant stakeholders for the agreement between tribes to normalise the situation in Kurrum, while expressing grief over the loss of innocent lives in the region.
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