Working to facilitate private sector to help push economy on right track: PM

— Reports positive developments in the nation’s economic landscape

— Highlights significant decrease in inflation as a result of government measures

ISLAMABAD: On Tuesday, Prime Minister Shehbaz Sharif conveyed his approval of the nation’s economic trajectory and emphasized the administration’s commitment to strengthening the private sector. He underscored the importance of this sector as a catalyst for economic growth, job creation, and enhancement of both domestic and foreign investment opportunities.

Acknowledging the impact of the administration’s economic policies, the Prime Minister noted a substantial decline in the inflation rate and affirmed the government’s dedication to ensuring that the benefits of reduced cost of living reach the average citizen.

Prime Minister Sharif shared these thoughts during the initial session of the Economic Advisory Council, as reported by the PM Office Media Wing in a press release.

The meeting witnessed participation from Economic Advisory Council members, such as Jahangir Khan Tareen, Saqib Sherazi, and others, along with Federal Ministers, the Deputy Chairman Planning Commission, the Governor of the State Bank of Pakistan, and various senior officials.

Observing the positive dynamics within the stock market, the Prime Minister interpreted these as a vote of confidence from the business sector in the government’s economic strategy. He promised additional incentives for foreign investors in the upcoming budget and a focus on increasing the tax base while lessening the tax burden on the average citizen.

Prime Minister Sharif emphasized the prioritization of digital economic advancements, agricultural efficiency through quality seed provision and timely fertilizer distribution, and the fostering of small to medium enterprises to curtail agricultural waste.

He called for the elimination of barriers faced by foreign investors and businesspeople in obtaining visas.

The council was enlightened about the positive reception of the government’s pro-investment climate by both local and international investors, mirrored by the bullish stock market.

Economic indicators showed notable growth across agricultural, industrial, and service sectors, with agriculture experiencing a 6.25 percent growth, surpassing the previous year by 2.27 percent. The meeting also heard how inflation had dropped from 38 percent to 17 percent, with immediate actions taken to pass these savings on to the public.

Council members proposed various strategies aimed at stabilizing the economy and improving different sectors.

In conclusion, the Prime Minister mandated the collation of thorough recommendations to escalate the country’s exports, to be discussed at the following meeting.

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