Prime Minister Shehbaz Sharif pledged on Monday to reduce the costs of electricity, addressing the challenges faced by the industrial and agricultural sectors of Pakistan due to the high energy rates.
The Prime Minister reaffirmed his government’s commitment to economic reactivation, highlighting the efforts to boost business, trade and foreign investment while talking at the inauguration of the Movenpick Hotel in six stars in the capital.
“It is a moment of pride for Pakistan that a state -of -the -art international hotel has been inaugurated. I congratulate the Centaurus group for its national construction efforts and thank Movenpick’s address for providing world -class hospitality to our country, ”said Sharif.
The prime minister highlighted the advances in the stabilization of the economy and pointed out that inflation had fallen below 5% and the bank policy rate was now below 13%. New reductions are expected after the next policy meeting of the State Bank of Pakistan, he added.
The prime minister described the growth of exports, particularly in the IT sector, and detailed plans to develop agriculture, industry, IT, mining and minerals. He also recognized the challenges posed by the high costs of energy that affect the industrial and agricultural sectors.
“A competitive industrial sector is essential for economic growth and we are committed to reducing the cost of doing business,” he said.
The Prime Minister announced a renewed privatization initiative of Pakistan International Airlines (PIA), urging Pakistani investors to participate in a transparent bidding process.
“Just as the banks were successfully privatized during the 1990s under Prime Minister Nawaz Sharif, and now they are thriving, Pia will also become a world -class airline, as it was in the 1960s,” he said.
Shehbaz Sharif also confirmed that Pakistan approaches the conclusion of his final program of the International Monetary Fund (IMF) and emphasized the government’s approach in eliminating barriers to foreign investment.
“Pakistan will resurrect as a great nation thanks to the collective efforts of interested parties and the builders of the nation,” he said, expressing optimism about the future of the country.
In the event they praised the Centaurus group, and the prime minister praised their contributions to economic development and urged more investments of similar caliber.
Prime Minister Shehbaz concluded by reiterating the determination of his government to promote economic stability, facilitate trade and guarantee the resurgence of Pakistan as a prosperous and progressive nation.
