PM Shehbaz Sharif Stresses Political Stability Vital for Economic Development

Desk

Prime Minister Shehbaz Sharif underscored the crucial connection between economic development and political stability in Pakistan during a Special Investment Facilitation Council (SIFC) meeting on Thursday. He highlighted that the strength of a country’s economy is deeply rooted in its political framework.

The Prime Minister shared positive updates on Pakistan’s economic progress, noting a significant improvement in macroeconomic indicators. He expressed confidence that 2025 would usher in prosperity and growth for the country.

Notable achievements included a drop in inflation to 4.1% for the first time since 2018, a 34% increase in foreign remittances, higher exports, and an increase in foreign exchange reserves from $4 billion to $12.5 billion. Additionally, the policy rate, now at 13%, has room for a further reduction of 8% in line with inflation trends.

PM Shehbaz also discussed several billion-dollar MOUs signed with Saudi Arabia, Qatar, and the UAE for foreign investments.

Highlighting the country’s shift to the growth stage after achieving economic stability, the PM emphasized the importance of export-led growth as the way forward. “We have no other option,” he stated.

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The Prime Minister also praised the Federal Board of Revenue and his economic team for exceeding tax revenue targets, generating an additional Rs72 billion through the ADR (advance-to-tax ratio). He noted improvements in the efficiency of container inspections and significant relief for businesses due to the faceless interaction facility.

Regarding security, PM Shehbaz affirmed that law enforcement agencies are fully committed to countering terrorism. He stressed that overcoming terrorism is key to moving forward and expressed condolences for the innocent lives lost in Kurram district.

In a positive development for Pakistan’s economy, he highlighted a reduction in sugar smuggling through Afghanistan and reported $0.5 billion in sugar export revenues and $4 billion in rice export earnings.