PM Shehbaz vows business-friendly reforms to boost economic growth

Islamabad: Prime Minister Shehbaz Sharif said on Monday that his government is committed to improving business conditions and helping traders to boost economic growth in Pakistan.

Speaking at the opening of the six-star Movenpick Hotel in Islamabad, the Prime Minister expressed hope for the country’s economic recovery and reiterated the government’s dedication to driving progress in different sectors.

He called the launch of the six-star hotel a proud moment for Pakistan and praised the Centaurus Group for its efforts to contribute to the nation’s development. He also thanked Movenpick for bringing world-class hospitality to Pakistan.

The Prime Minister shared that the government is working to stabilize the economy, with inflation now under 5%, and the banking policy rate reduced to less than 13%. He added that further reductions in interest rates are expected after a meeting of the State Bank of Pakistan. He also highlighted the growth of exports, especially in the IT sector, and talked about the government’s plans to focus on the development of agriculture, industry, IT, and mining.

Regarding the challenges faced by industries and agriculture due to high energy costs, PM Shehbaz assured that the government is taking steps to reduce power tariffs in the coming months. He stressed that a competitive industrial sector is crucial for economic growth and that the government is focused on making business operations more affordable.

The Prime Minister also discussed efforts to streamline government operations, including plans to reduce the size of public institutions to lower government expenses.

Privatization of PIA

PM Shehbaz announced that the government is moving forward with the privatization of Pakistan International Airlines (PIA), inviting Pakistani investors to participate in a transparent bidding process. He noted that, just like banks were privatized successfully in the 1990s, PIA will also be transformed into a top-tier airline, as it was in the 1960s.

Shehbaz Sharif also said that Pakistan is on track to complete its final International Monetary Fund (IMF) program. He also highlighted the government’s work to remove barriers to foreign investment, with new initiatives to improve business conditions set to launch soon.

The Prime Minister ended his speech by stating that Pakistan will rise again as a great nation through the combined efforts of all its people.