Prime Minister Shehbaz Sharif promised Monday to lower electricity costs and addressed the challenges faced by Pakistan’s industrial and agricultural sectors
PM confirmed its government’s obligation to economic resuscitation and highlighted efforts to increase business, trade and foreign investment while dealing with the inauguration of the six-star Movenpick Hotel in the capital.
“It is a proud moment for Pakistan that an advanced international hotel has been launched. I praise the Centaurus group for their nation-building efforts and thank the Moven Pick leadership for bringing world-class hospitality to our country, ”Sharif said.
The prime minister pointed to progress in stabilizing the economy and noting that inflation had fallen to less than 5%and the bank policy rate was now below 13%. Further reductions are expected after the State Bank of Pakistan’s upcoming political meeting, he added.
PM outlined exports, especially in the IT sector, and detailed plans to develop agriculture, industry, IT, mining and minerals. He also recognized the challenges of high energy costs affecting industrial and agricultural sectors.
“A competitive industrial sector is important for economic growth, and we are obliged to facilitate the cost of doing business,” he said.
The Prime Minister announced a renewed privatization initiative for Pakistan International Airlines (PIA), who called on Pakistani investors to participate in a transparent bidding process.
“Just as banks were successfully privatized in the 1990s under Prime Minister Nawaz Sharif and now thrive, Pia will also be transformed into a world -class airline, just as it was in the 1960s,” he said.
Shehbaz Sharif also confirmed that Pakistan is nearing the end of his final International Monetary Fund (IMF) program and emphasized the government’s focus on removing barriers to foreign investment.
“Pakistan will revive as a major nation through the collective efforts of stakeholders and nation-belders,” he said, expressing optimism for the country’s future.
The event saw praise for the Centaurus group, where the prime minister praised their contribution to economic development and called for more investments of similar caliber.
PM Shehbaz concluded in repeating his government’s decision to promote economic stability, facilitating trade and securing Pakistan’s resurrection as a thriving and progressive nation.
