Prime Minister Shehbaz Sharif emphasized that Pakistan's economic progress hinges on political stability and eradicating terrorism.
"Security has become a major challenge, and without eliminating the menace of terrorism, we cannot advance," he stated while presiding over the 11th apex committee meeting of the Special Investment Facilitation Council (SIFC).
The meeting was attended by Chief of the Army Staff, Federal Cabinet, Provincial Chief Ministers, the Prime Minister of Azad Jammu and Kashmir, Chief Minister of Gilgit-Baltistan and high-level government officials.
The apex committee secretary briefed the forum about strategic focus, initiatives and contributions of SIFC to support National Economic Transformation Plan 2024-2029 'Uraan Pakistan'.
The committee expressed satisfaction with the improvement in Pakistan's macroeconomic conditions and emphasized the need for collective efforts to ensure sustained economic growth and deliver its benefits to the masses.
During the session, the committee approved an Action Plan for the Optimization of Special Economic Zones (SEZs) to revitalize Pakistan's industrial landscape. It also reviewed the National Minerals Harmonization Framework proposal, developed with the consensus of all stakeholders.
The forum received a briefing on various initiatives in Human Resource Development (HRD), focusing on skill enhancement and achieving global standard accreditation. Provincial Chief Ministers shared updates on ongoing initiatives in their respective provinces aimed at driving economic growth.
Chief of Army Staff (COAS) reaffirmed the Pakistan Army's commitment to supporting government initiatives for economic stability, peace, and security.
Pakistan has witnessed an uptick in terror activities, especially in K-P and Balochistan and from across the border.
According to an annual security report, issued by the Centre for Research and Security Studies, with at least 685 members of security forces losing their lives in a total of 444 terror attacks. 2024 turned out to be the deadliest year for civil and military security forces of Pakistan in a decade.
The prime minister vowed that the law enforcing agencies were fully committed to halt the nefarious designs of the enemies.
He underlined that the economic development was directly linked with political stability as the strength of a country's economy was deeply rooted in its political framework.
The prime minister said the country's macroeconomic indicators had significantly improved due to the untiring efforts of the economic team, expressing his confidence that the year 2025 will bring prosperity and growth in the country.
For the first time after 2018, the inflation rate has eased down to 4.1%, foreign remittances have posted increase of 34%, exports have also jumped, and foreign exchange reserves have risen from $4 billion to $12.5 billion," the prime minister said, adding that the policy rate which was now at 13% had space of further 8% keeping in view the inflation rate.
As regards foreign investment, the prime minister emphasised that MoUs worth billions of dollars had already been signed with Saudi Arabia, Qatar and UAE.
He said having achieved economic stability, the country had now entered the growth stage. "If we want to achieve the economic development, then we will have to focus on export-led growth ..and we have no other option".
The prime minister also appreciated the efforts of the Federal Board of Revenue and the economic team for collecting additional Rs 72 billion under ADR (advance-to-tax ratio) due to which the government's target of tax revenue for December 2024 had almost been achieved.
The prime minister noted that due to the faceless interaction facility, 39% time duration of container inspection had been reduced while businessmen got relief of 89%.
Additionally, he said smuggling of sugar through Afghanistan had been reduced to zero which was a positive sign for the country's economy. He informed that the national exchequer received $0.5 billion in terms of sugar export while the rice exports posted $4 billion.
The prime minister also congratulated the relevant stakeholders on the agreement between tribes to normalize the situation in Kurrum. However; he expressed deep grief over the loss of dozens of innocent lives in the area.
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