ISLAMABAD:
Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to formulate a comprehensive strategy to limit the economic impact on the public in the wake of the current regional situation.
He emphasized that the strategy should not disrupt production or the balance between supply and demand across economic sectors.
The Prime Minister further instructed that both external and internal macroeconomic factors be carefully evaluated while formulating the strategy.
Chairing a review meeting to formulate the strategy aimed at protecting the country from financial and economic fallout from the tense regional situation, the prime minister said many countries around the world were facing difficulties in maintaining the balance between supply and demand for key commodities due to the current situation. However, he noted with satisfaction that Pakistan effectively and successfully met this challenge.
He appreciated that all relevant institutions had taken timely and effective measures to prevent any emergency in the supply and demand of essential commodities.
The Prime Minister further highlighted that after meeting domestic requirements for food and essential raw materials, progress was made with a comprehensive strategy to export surplus production.
He reaffirmed that the government remained committed to taking all necessary steps for economic stability, growth and public welfare.
In view of rising trends in global market prices, the Prime Minister directed that a comprehensive and long-term strategy be developed to tackle the financial and economic consequences for the country.
He specifically directed that the strategy be formulated through close coordination between relevant ministries and institutions, taking into account the stability and growth of all sectors of the economy.
The Prime Minister also directed that effective measures should be proposed to minimize the impact of rising cost of production on exports and overall economic output due to the global situation.
He stressed the need to fully exploit the available resources and opportunities to prevent negative impacts on agricultural and industrial production amid the current economic challenges.
During the briefing, it was informed that all relevant ministries and institutions reviewed the financial consequences of the situation on a daily basis in accordance with the Prime Minister’s directives.
The meeting reviewed medium and long-term planning to address financial and economic challenges arising from regional tensions. The Prime Minister appreciated the coordinated efforts of all ministries and institutions and directed further improvements in cooperation.
He also expressed gratitude for maintaining the balance between supply and demand of essential commodities in Pakistan despite challenging conditions.
The meeting was attended by Minister for Planning Ahsan Iqbal, Minister for Finance Muhammad Aurangzeb, Minister for Power Sardar Owais Ahmed Khan Leghari, Minister for Information and Broadcasting Attaullah Tarar, Minister for Climate Change Musadik Malik, Minister for National Food Security Rana Tanveer Hussain, Minister for Waste Oil, Minister for Petroleum Ali Perva, Assistant for Petroleum Industry Ali Perva. to Prime Minister Haroon Akhtar, Governor State Bank Jameel Ahmad and other senior officials.
Digital investment
Prime Minister Shehbaz Sharif on Wednesday reaffirmed his government’s commitment to facilitate foreign investment in Pakistan’s digital economy as VEON Group CEO Kaan Terzioglu expressed interest in expanding operations in the country.
According to the Prime Minister’s Office (PMO) statement on X, the prime minister said during a meeting with a VEON delegation in Islamabad that the government was providing “all possible facilitation” to investors in the digital and telecommunication sectors, citing the recent 5G spectrum auction as proof of Pakistan’s “positive and effective direction” towards innovation.
Prime Minister Shehbaz said Pakistan is pursuing a comprehensive strategy to increase international investment in information technology while ensuring transparency through digitization of the economy.
“The government is taking practical steps, in coordination with all institutions, to facilitate international investors,” the prime minister said, adding that promoting a cashless economy through effective use of IT remained a key priority.
The statement said that during the meeting, the Prime Minister noted that after the 5G spectrum auction, relevant institutions worked in coordination to ensure the provision of high-quality Internet services.
“He also emphasized the role of Pakistan’s youth and said their growing interest in IT and digital platforms made the country an attractive destination for global investors,” it added.
Appreciating the government’s efforts to increase transparency and improve the investment climate, Terzioglu said Pakistan had moved “rapidly” towards achieving a digital economy and rolling out 5G services.
He also praised initiatives aimed at promoting a cashless economy and expressed VEON’s intention to further increase investment in Pakistan.
The meeting was attended by Finance Minister Aurangzeb, IT Minister Shaza Fatima Khawaja, Finance Minister Ahad Khan Cheema, Jazz CEO Aamir Ibrahim and other senior officials.
Youth in focus
Prime Minister Shehbaz Sharif said the government was taking several steps to equip young people with professional skills and integrate them into the workforce, saying that youth is the future of our nation.
According to a statement issued by the Prime Minister’s Office (PMO), Prime Minister Shehbaz, while chairing a review meeting on measures to increase job opportunities for youth, expressed satisfaction and stated that the government was expediting efforts to provide technical and vocational training to youth in line with contemporary requirements.
“PM Shehbaz observed that recent reforms in the National Vocational and Technical Training Commission (NAVTTC) have significantly improved the delivery of technical education,” the statement said.
According to the PMO, the Prime Minister stated during the meeting that the comprehensive training programs launched through the NAVTTC were already yielding positive results and harnessing the potential of the youth workforce.
The statement also noted that the Prime Minister emphasized the importance of preparing youth for international competition, but stressed the need for them to focus on obtaining international certifications alongside vocational training in high-demand skills for the global market.
The statement further added that during the meeting, officials briefed the prime minister on efforts to create employment opportunities at both national and international levels.
The briefing noted that the PM Youth Program and the Ministry of External Affairs had already identified several international employment opportunities for young Pakistanis and are working to expand them further.
“PM Youth Hub has taken a central role in providing information on employment opportunities both nationally and internationally. Employment opportunities are available in IT, healthcare, construction, tourism, logistics and other sectors abroad,” the briefing added.
The statement also mentioned that the Higher Education Commission tracked graduate employment from 282 universities across the country through a digital app, a system intended to inform future education policy.
According to the PMO, Prime Minister Shehbaz also briefed during the meeting that 32 institutions under the Federal Ministry of Education have introduced Matric-Tech, a vocational program for secondary level students. An Inter-Tech program for higher level technical training was also planned.
The audit meeting was attended by federal ministers, including Dr. Musadik Malik, Ahad Khan Cheema, Muhammad Aurangzeb, Attaullah Tarar, Chaudhry Salik Hussain, Dr. Ahsan Iqbal, Shaza Fatima Khawaja and Foreign Minister Bilal Azhar Kiani, along with the Chairman of the Prime Minister’s Official Youth Programme, the institution and the HEC Senior Youth Programme.
