In a significant address on Monday, Prime Minister Shehbaz Sharif reaffirmed his government’s commitment to enhancing Pakistan’s business environment, reducing energy costs, and fostering economic recovery. Speaking at the grand opening of a six-star hotel in Islamabad, the Prime Minister emphasized the government’s ongoing efforts to improve the ease of doing business in the country, which he believes will significantly stimulate economic growth.

Prime Minister’s Vision for Economic Revival

The Prime Minister expressed his pride in the inauguration of a state-of-the-art international hotel, commending the Centaurus Group for their contributions to the nation’s development. He also thanked Movenpick management for bringing world-class hospitality services to Pakistan, marking a milestone in the country’s tourism and hospitality sectors.

PM Shehbaz provided an optimistic outlook on the nation’s economic recovery, pointing to a reduction in inflation to below 5% and a significant decrease in the banking policy rate, which is now under 13%. He confidently stated that more reductions in interest rates could be expected following the upcoming State Bank of Pakistan (SBP) meeting.

Focus on Economic Growth in Key Sectors

The Prime Minister highlighted the government’s dedication to promoting economic development across key sectors such as agriculture, IT, industry, and mining. He particularly noted the growth in exports, with the IT sector seeing significant progress. The government’s vision revolves around improving these sectors, which will ultimately boost the overall economy.

Regarding challenges faced by industrial and agricultural sectors, PM Shehbaz acknowledged the negative impact of high energy tariffs. He reassured attendees that the government was actively working on measures to reduce energy costs, a critical factor for the growth of a competitive industrial sector.

Privatization Plans and Government Downsizing

As part of his government’s broader reforms, PM Shehbaz announced the privatization of Pakistan International Airlines (PIA), inviting local investors to participate in a transparent bidding process. He drew comparisons to the successful privatization of banks in the 1990s, asserting that PIA would also be transformed into a world-class airline, reminiscent of its success in the 1960s.

In his speech, the Prime Minister also reaffirmed the government’s commitment to reducing public sector expenditures through downsizing and rightsizing public entities.

Enhancing Foreign Investment and Ease of Doing Business

PM Shehbaz also touched upon the government’s ongoing efforts to remove obstacles to foreign investment, reiterating that new initiatives aimed at improving the ease of doing business in Pakistan would soon be launched. He expressed confidence that these reforms would attract both domestic and international investors to Pakistan, further contributing to the nation’s economic prosperity.

Looking Forward: A Progressive Pakistan

In conclusion, PM Shehbaz Sharif assured the audience that Pakistan is on track to complete its final IMF program successfully, which he believes will be crucial in stabilizing the country’s economic situation. He emphasized that with the collective efforts of the government, businesses, and the people, Pakistan will rise as a great nation, achieving sustained economic growth and prosperity.

The Prime Minister commended the Centaurus Group for its investment in Pakistan and expressed hope that more such contributions would come forward in the future, helping Pakistan emerge as a strong, resilient, and thriving economy.