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Govt making all-out efforts to put economy on path of sustainable growth: Dar

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2 years ago

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  • “Pakistan was expected to become world’s 18th-strongest economy in 2016.”
  • The country, however, is facing serious economic challenges, Dar says.
  • “Pakistan will not default,” retreats finance minister.

ISLAMABAD: The federal government is making all possible efforts to steer the country out of a difficult situation and put the economy on the path of sustainable growth, Finance Minister Ishaq Dar has said.

Addressing an Iftar dinner hosted by the Islamabad Chamber of Commerce and Industry (ICCI) in honour of foreign diplomats, he said that friendly countries are expected to materialise their commitments with Pakistan that would pave the way to close the deal with the International Monetary Fund (IMF) and revive the economy.

In 2016, Pakistan was a rising economy as it was expected to become the world’s 18th-strongest economy, but is now facing serious economic challenges, the financial czar added. “Pakistan will not default and the government is making all possible efforts to steer it out of a difficult situation.”

Speaking on the occasion, ICC President Ahsan Zafar Bakhtawari urged the government to ensure consistency in economic policies that would enable the business community and investors to invest in Pakistan with confidence.

He assured that the business community would fully support the government in its efforts to revive the economy.

He highlighted the business and investment opportunities in Pakistan for diplomats and said that Pakistan is a huge market with over 220 million consumers and offered great investment opportunities in various sectors of its economy.

Zafar Bakhtawari, former President ICCI, said the business community is hopeful that Finance Minister Ishaq Dar will soon conclude a deal with the IMF that will enable Pakistan to cope with its current economic crisis.

He urged the government to work hard to end the country’s reliance on foreign loans and make it self-sufficient and assured that the business community would fully support in achieving this goal.

Atadjan Movlamov, Ambassador of Turkmenistan, Yerzhan Kistafin Ambassador of Kazakhstan, Khazar Farhadov Ambassador of Azerbaijan, Ulanbek Totuiaev Ambassador of Kyrgyzstan, Dr Mehmet Pacaci Ambassador of Turkey, Adam M Tugio Ambassador of Indonesia, Dr Ramez Alraee, Ambassador of Syria, and diplomats of many other countries including Saudi Arabia, Australia, Malaysia, Poland, Sri Lanka, Nepal, Republic of Turkish Northern Cyprus attended the Iftar dinner.

They appreciated the ICCI for hosting a magnificent Iftar dinner for them.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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