Islamabad, February 12, 2025: Prime Minister Shehbaz Sharif has emphasized the need for lower energy costs to drive economic growth, highlighting this issue in a recent meeting with the Managing Director of the International Monetary Fund (IMF).
During a federal cabinet meeting on Wednesday, the PM discussed his visit to the UAE, his engagement at the World Governments Summit in Dubai, and the upcoming visit of Turkish President Recep Tayyip Erdoğan. The meeting covered key economic and governance matters, including investment opportunities, taxation agreements, and security concerns.
The nine-point agenda reviewed at the meeting included:
- Ensuring affordable food prices during Ramazan, with federal and provincial governments directed to collaborate on price control measures.
- Approval of the Interfaith Harmony Policy to promote religious tolerance.
- Review of key appointments, including directors at Quaid-e-Azam University and the State Bank of Pakistan’s Board of Directors.
- Discussions on increasing women’s representation on the Evacuee Trust Property Board.
- Approval of a draft agreement with Iraq to eliminate double taxation.
- Review of allowances for security forces in Gilgit-Baltistan.
The cabinet also approved decisions taken by the Economic Coordination Committee (ECC).
Shehbaz Sharif briefed the cabinet on his visit to the UAE, where he met with President Sheikh Mohamed bin Zayed Al Nahyan to discuss investment opportunities.
He also met with leaders of Sri Lanka, Kuwait, and Bosnia, recalling Sri Lanka’s past support in combating Pakistan’s dengue epidemic.
In Dubai, the PM engaged with Pakistani investors, who urged the government to improve the ease of doing business. He also met global logistics giant DP World, which expressed interest in investing in Pakistan’s PIPRI project in Karachi.
PM Shehbaz announced that Turkish President Recep Tayyip Erdoğan will arrive in Pakistan tonight for high-level meetings. The visit is expected to bolster economic and defense cooperation, with several Memorandums of Understanding (MoUs) and agreements set to be signed.
“We should take full advantage of this opportunity and further strengthen our brotherly ties with Turkiye,” he stated.
During the cabinet session, PM Shehbaz discussed his recent meeting with the IMF MD, where he underscored the importance of reducing energy costs and taxes to spur employment and economic growth.
“The IMF praised Pakistan and acknowledged our economic reforms,” he said, adding that Pakistan was invited to present a structured economic plan.
He directed Deputy PM Ishaq Dar to coordinate with provincial governments to finalize an economic strategy in line with IMF recommendations.
The PM highlighted a record-breaking surge in remittances, surpassing $3 billion in January, reflecting growing confidence among overseas Pakistanis.
Additionally, he expressed sorrow over Pakistani lives lost in a recent ship accident in Libya, vowing a strict crackdown on human trafficking networks. He ordered law enforcement agencies to take decisive action against those involved in this illegal trade.
