Prime Minister Shehbaz Sharif, in his opening remarks during a federal cabinet meeting on Tuesday, shared important updates regarding Pakistan’s economic situation. He revealed that the United Arab Emirates (UAE) has agreed to extend a rollover of $2 billion in debt due for repayment this month.
Positive Meeting with UAE President
During a recent visit to Rahim Yar Khan, Prime Minister Shehbaz Sharif had a “positive and constructive” one-on-one meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan. The discussions focused on enhancing bilateral ties and strengthening investment cooperation. The UAE president emphasized the need to move swiftly on investment projects and reaffirmed the UAE’s commitment to supporting Pakistan’s long-standing partnership. As part of the talks, President Al Nahyan confirmed the rollover of the $2 billion debt, a gesture that was welcomed by Prime Minister Shehbaz Sharif.
Pakistan’s Economic Road to Prosperity
Prime Minister Shehbaz Sharif stressed that while the national economy is on a path toward stabilization, achieving true prosperity would require significant effort, sacrifice, and commitment. He emphasized that the collective efforts of the government and people were beginning to stabilize the economy, and with continued dedication, Pakistan would regain its lost stature.
“We will continue to work hard with the same commitment. Time is not far when we will become a prosperous nation,” the Prime Minister remarked.
Addressing Power Sector Challenges
Prime Minister Sharif also highlighted the critical need to address the cost of electricity in Pakistan. He noted that lowering power prices is essential for boosting exports and commerce. He revealed that a meeting had been held last week with provincial governments to discuss strategies for reducing electricity costs, and another comprehensive meeting would take place later this week.
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Focus on SMEs and Export-Led Growth
The Prime Minister pointed to the importance of small and medium-sized enterprises (SMEs) for the national economy, noting recent decisions made during a meeting of the SMEDA Board. A follow-up meeting is scheduled for January 15. Additionally, the Prime Minister reiterated the importance of export-led growth, emphasizing the ongoing rise in textile exports and the government’s focus on diversifying non-traditional exports.
Strengthening Bilateral Ties with Indonesia
Prime Minister Sharif also mentioned the upcoming visit of Indonesian President Prabowo Subianto to Islamabad, where the two nations will discuss further strengthening bilateral cooperation, particularly in areas like Halal meat and rice exports, as well as the import of edible oil.
Combating Human Smuggling
The Prime Minister expressed deep concern over the rising issue of human smuggling, which has led to the tragic loss of hundreds of Pakistani lives and harmed the country’s reputation. He assured the cabinet that the government, in close collaboration with the Interior Ministry and relevant departments, is committed to tackling this problem with urgency and consistency.
