Prime Minister Shehbaz Sharif of Pakistan has appealed to friendly nations for critical investment in various projects, rather than loans that would only increase the country’s debt burden, in efforts to revitalize its struggling economy. Speaking at a recent cabinet meeting, he commended the Special Investment Facilitation Council (SIFC) for its role in facilitating foreign investment and enabling Pakistan to tap into its growth potential effectively.
Emphasizing the need for investment over loans, Prime Minister Shehbaz highlighted the importance of harnessing the potential of the youth by providing them with top-notch training in income-generating skills. He also called for the promotion of small and medium-sized enterprises (SMEs) by fostering entrepreneurship, incentivizing self-employment, and supporting start-ups.
Pakistan is actively seeking investment from countries like the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, and others in sectors such as mining, agriculture, industry, and energy.
The prime minister underscored the trust placed in the current government by the people of Pakistan, expressing their expectations for relief and sustainable long-term economic development. He praised the balanced composition of the new cabinet, comprising both youthful energy and seasoned experience, well-equipped to address the nation’s multifaceted challenges and serve its citizens.
Reflecting on his previous tenure, Prime Minister Shehbaz highlighted the government’s commitment to serving the people and its successful efforts to avert the looming threat of default, which posed a significant danger upon assuming office.
In outlining the government’s economic revival roadmap, Prime Minister Shehbaz identified key challenges facing the national economy, including the mounting circular debt in the electricity and gas sectors, energy theft, and staggering losses. He expressed concern over the performance of state-owned entities such as power generation companies (Gencos) and Pakistan International Airlines (PIA), stressing the need for structural reforms to address these issues.
The prime minister emphasized the urgency of addressing corruption, low revenue collection, and misallocation of subsidies, while also acknowledging the impact of climate change, as evidenced by recent floods in several regions.
In a resolute tone, Prime Minister Shehbaz called for decisive action and structural reforms to steer Pakistan out of its economic crisis and bring about pro-poor changes. He reiterated the government’s determination to confront vested interests hindering the country’s progress and affirmed the commitment of all allied parties to overcoming the current challenges.
