Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Thursday underscored the deep connection between a country's economic growth and its political stability.
Chairing a meeting of the Special Investment Facilitation Council (SIFC) on Thursday, the premier said that a nation’s economic strength is fundamentally shaped by its political framework and that lasting prosperity hinges on political cohesion.
The prime minister reflected on recent positive developments in Pakistan's economy, pointing out that significant improvements had been made, thanks to the efforts of the economic team.
He revealed that inflation had dropped to 4.1%, the lowest since 2018, and that remittances had surged by 34%.
Exports also showed a notable rise, while the country’s foreign exchange reserves had climbed from $4 billion to $12.5 billion.
He added that the policy interest rate, currently at 13%, still had room for an 8% adjustment to accommodate inflationary trends.
On the subject of foreign investments, PM Shehbaz mentioned that Pakistan had successfully signed agreements worth billions of dollars with countries like Saudi Arabia, Qatar, and the United Arab Emirates (UAE).
With economic stability now in place, the prime minister stated that the nation was entering the next phase of growth, and the focus must shift to boosting exports. He reiterated that there were no alternatives to export-led development for Pakistan.
PM Shehbaz also commended the Federal Board of Revenue (FBR) for exceeding expectations by collecting an additional Rs 72 billion through the Advance-to-Tax Ratio (ADR), which brought the country closer to achieving its tax revenue target for December 2024.
Furthermore, the introduction of faceless interactions had reduced inspection times for containers by 39%, benefiting businesses with a remarkable 89% reduction in compliance burdens.
He also touched on the progress made in curbing illicit trade, citing that sugar smuggling through Afghanistan had been eliminated entirely.
This had a significant positive impact on the national economy, contributing half a billion dollars in sugar exports, while rice exports reached an impressive $4 billion.
Regarding security challenges, Shehbaz Sharif acknowledged the increasing threat of terrorism and emphasized that the country’s law enforcement agencies were fully dedicated to neutralizing this threat.
He stated that without addressing terrorism head-on, Pakistan would be unable to move forward as a nation.
The prime minister also expressed his sorrow over the recent loss of innocent lives in Kurrum but praised the agreement reached between tribal groups to help stabilize the region.
