ISLAMABAD: Expressing satisfaction over the country's "improving" macroeconomic indicators, Prime Minister Shehbaz Sharif yesterday underlined that economic development was directly linked with political stability as the strength of a country's economy was deeply rooted in its political framework.

The premier made these remarks while chairing the 11th Apex Committee meeting of the Special Investment Facilitation Council (SIFC) to review various initiatives being steered through the forum.

The meeting was attended by Chief of Army Staff (COAS) General Asim Munir, federal cabinet members, provincial chief ministers, the Prime Minister of Azad Jammu and Kashmir, the chief minister of Gilgit Baltistan and high-level government officials.

Speaking on the occasion, PM Shehbaz said that the country's macroeconomic indicators had significantly improved due to the untiring efforts of the economic team, expressing his confidence that the year 2025 will bring prosperity and growth to the country.

For the first time after 2018, the inflation rate has been eased down to 4.1%, foreign remittances have posted an increase of 34%, exports have also jumped, and foreign exchange reserves have jumped from $4 billion to $12.5 billion, he said adding the policy rate which was now at 13% had space of further 8% keeping in view the inflation rate.

As regards, foreign investment, the prime minister emphasised that MoUs worth billions of dollars had already been signed with Saudi Arabia, Qatar and the United Arab Emirates (UAE).

He said having achieved economic stability, the country had now entered the growth stage. "If we want to achieve the economic development, then we will have to focus on export-led growth... and we have no other option".

The premier also appreciates the efforts of Federal Board of Revenue and the economic team for collecting an additional Rs72 billion under ADR (advance-to-tax ratio) due to which the government's target of tax revenue for December 2024 had almost been achieved.

He noted that due to the faceless interaction facility, 39% time duration of container inspection had been reduced while the businessmen got relief of 89%.

Additionally, he said smuggling of sugar through Afghanistan had been reduced to zero which was a positive sign for the country's economy. He informed that the national exchequer received $0.5 billion in terms of sugar exports while the rice exports posted $4 billion.

As regards, terrorism in the country, the prime minister vowed that the law enforcing agencies were fully committed to halt 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.

The premier also congratulated the relevant stakeholders on the agreement between tribes to normalise the situation in Kurram. However, he expressed deep grief over the loss of dozens of innocent lives in the area.

During the meeting, the secretary apex committee briefed the forum about the strategic focus, initiatives and contributions of SIFC to support National Economic Transformation Plan 2024-2029 "Uraan Pakistan".

The committee showed profound satisfaction in improving the macroeconomic conditions of the country while emphasising the importance of collective efforts for ensuring unhindered economic growth and passing on the dividends to the masses.

The committee approved the action plan for the optimisation of special economic zones (SEZs) to rejuvenate the industrial landscape of Pakistan. The committee also reviewed the proposal of the National Minerals Harmonisation Framework with the due consent of all stakeholders.

Published in The Daily National Courier, January, 03 2025

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