Prime Minister Shehbaz Sharif has assured the nation that the government is working tirelessly to reduce energy costs in the coming months, addressing the challenges faced by the industrial and agricultural sectors due to rising electricity tariffs. Speaking at the inauguration of a local hotel, the Prime Minister emphasized that a competitive industrial sector is crucial for economic growth and reiterated his government’s commitment to lowering the cost of doing business.
In a significant announcement, PM Shehbaz revealed a three-month power subsidy package for the winter season, aimed at providing relief to households and businesses. He expressed optimism about Pakistan’s economic recovery and highlighted the government’s efforts to stabilize the economy, noting that inflation has dropped below 5% and the banking policy rate has been reduced to under 13%.
The Prime Minister outlined the government’s vision for economic development, focusing on key sectors such as agriculture, industry, information technology (IT), mining, and minerals. He pointed to the growth in exports, particularly in the IT sector, as a sign of progress. Additionally, he reaffirmed the government’s commitment to downsizing and rightsizing public entities to reduce unnecessary expenses.
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In a major move, PM Shehbaz announced plans for the privatization of Pakistan International Airlines (PIA), inviting Pakistani investors to participate in a transparent bidding process. He drew parallels to the successful privatization of banks in the 1990s under the leadership of former Prime Minister Nawaz Sharif, which transformed them into profitable institutions. The Prime Minister expressed confidence that PIA would regain its former glory as a world-class airline, reminiscent of its golden era in the 1960s.
PM Shehbaz highlighted ongoing efforts to remove barriers to foreign investment and improve the ease of doing business in Pakistan. He assured that new initiatives in this regard would be launched soon, paving the way for a more business-friendly environment.
The Prime Minister also mentioned that Pakistan is on track to complete its final International Monetary Fund (IMF) program. He stressed that the collective efforts of stakeholders and nation-builders would help Pakistan rise as a great nation once again.
“Pakistan will resurrect as a great nation through the collective efforts of stakeholders and nation-builders,” he declared, urging unity and collaboration to achieve sustainable economic growth.
