Prime Minister Shehbaz Sharif has welcomed improvement in key indicators of the national economy highlighted in the monthly economic outlook report, vowing to ensure that the benefits of economic stability reach the people and create more employment and business opportunities.
PM Shehbaz highlighted that remittances increased from $6.3 billion to $7.3 billion in July and August, and termed the 16.5% year-on-year increase in remittances in August as a welcome development. “Overseas Pakistanis are our valuable asset, who send their hard-earned money back home.”
The significant increase in remittances reflects the confidence of overseas Pakistanis in the country’s economy, the prime minister said in a statement issued by the PM Office in Islamabad on Thursday.
The prime minister said that a 4% increase in exports was also an encouraging development for the national economy.
“The government is taking steps to facilitate the growth of the export sector and provide all possible support to small and medium-sized industries,” he added.
He underscored that the reduction in the current account deficit and increase in foreign direct investment reflected positive progress toward economic stability.
An 80.2% increase in total foreign investment during July and August reflects growing investor confidence, the prime minister said adding that the government was providing a conducive environment for investors to boost economic activity in the country.
He said Pakistan’s foreign exchange reserves reaching $26.8 billion reflected improvement in the external sector of the economy.
The government will continue implementing reforms and effective economic policies to stabilize the economy, the prime minister said and added that establishing the national economy on sustainable foundations was the government’s top priority.
He said an increase in large-scale manufacturing output was a sign of improvement in economic activity. “A 3.03% increase in large-scale manufacturing output in July is encouraging.”
PM Shehbaz Sharif pointed out that an increase in agricultural lending was an important development for the growth of the agricultural sector and financial support to farmers adding that a significant increase in company registrations reflected the expansion of business activity.
Company registrations, he informed, was increased by 38.8% to 10,199 in July while a significant rise in the Pakistan Stock Exchange reflects improved investor confidence.
He reiterated the government’s resolve to further strengthen economic growth through reforms and the promotion of investment across all sectors of the economy.
The prime minister said that process of reforms will be further accelerated to make Pakistan a strong, stable, and sustainable economy.
PM Shehbaz, NA speaker mull calling National Assembly session
Later, Prime Minister Shehbaz Sharif and National Assembly Speaker Sardar Ayaz Sadiq held consultations on convening the National Assembly session and discussed the prevailing political situation.
According to sources, the meeting at the Prime Minister House in Islamabad on Thursday focused on the National Assembly session and several political matters, including recent contacts with the Pakistan Peoples Party (PPP) and other developments involving the government and opposition.
Sources said Ayaz Sadiq is also scheduled to meet PTI Chairman Barrister Gohar Ali Khan today. The meeting is expected to cover parliamentary matters and the current political situation, although details of the agenda have not been disclosed.
During the meeting with the prime minister, matters related to parliamentary proceedings and political consultations were also discussed, according to sources.
Meanwhile, Senate Chairman Syed Yousuf Raza Gilani also met Ayaz Sadiq and discussed the prevailing political situation.
When a journalist asked Ayaz Sadiq about the decisions taken during his meeting with Prime Minister Shehbaz Sharif, the speaker said the Prime Minister House spokesperson would provide details.
“My role is very limited,” Ayaz Sadiq said while responding to questions about the outcome of the meeting said.
The speaker also said that the National Assembly session would be called soon, without giving a specific date.
