ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif has said that foreign remittances increased by 34% over five months, and foreign reserves surged from $4 billion to over $12 billion indicating economic progress and prosperity in the country.
Addressing the Apex Committee meeting of the Special Investment Facilitation Council (SIFC) on Thursday he said that 2025 will be a year of economic growth for Pakistan.
The meeting was also attended by military officials, federal ministers, and provincial chief ministers.
He mentioned that the government has launched Uraan Pakistan, a homegrown five-year National Economic Transformation Plan, which will make Pakistan one of the leading countries in the world, the state media reported.
The Prime Minister noted that political stability is essential for economic progress and prosperity.
He highlighted significant achievements in the economic landscape, stating that for the first time since 2018, inflation had decreased to its lowest level of 4.1%.
He also pointed out a 34% increase in remittances over the last five months, alongside notable growth in the country’s exports.
Shehbaz Sharif said that Pakistan’s Foreign Exchange Reserves have surged from $4 Billion to over $12 Billion.
He added that the interest rate has also been reduced from 22% to 13%, marking a positive shift in the economic scenario.
The Prime Minister added that considering the inflation rate, the state bank may have the opportunity to further reduce the policy rate.
“The stock exchange has reached a historic high, and this journey of growth and prosperity is only possible with political stability,” he maintained.
He acknowledged the challenges faced by the government over the past nine months, both domestic and external, and emphasised the positive outcomes such as earning $4 billion from rice exports and $500 million from the export of sugar and the prevention of smuggling.
Prime Minister said that significant measures have been taken to curb the smuggling of petroleum products.
He said that strengthening trade and economic ties with the Central Asian States, particularly through the national logistics cell facilitating shipments to Russia as a key success.
“Agreements in various sectors with Saudi Arabia, UAE, and Qatar are progressing, and the government has secured Rs72 billion through ADRs (alternative dispute resolution mechanisms) from banks,” the PM said.
To ensure the economy’s continued growth, the prime minister stressed the need to boost exports and reduce electricity prices.
The Prime Minister also emphasised the need for reforms in the tax system to eliminate corruption and enhance revenue collection.
He vowed that the law enforcement agencies were fully committed to halting the nefarious designs of the enemies.
“Security has become a big challenge today and without crushing the menace of terrorism, we cannot move forward,” he said.
