Shehbaz Sharif seeks strategy to curtail economic effects of Middle East conflict for public Govt committed to facilitating global investors in IT sector: PM.
ISLAMABAD - Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to formulate a comprehensive strategy to curtail economic effects on public in the wake of current regional situation.
He stressed that the strategy should not disrupt production or the balance of supply and demand across economic sectors. The prime minister further directed that both external and internal macroeconomic factors be carefully evaluated while formulating the strategy.
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Chairing a review meeting to formulate the strategy aimed at safeguarding the country from financial and economic impacts arising from the tense regional situation, the prime minister said that many countries around the world were facing difficulties in maintaining the balance of supply and demand for essential commodities due to the current situation. However, he noted with satisfaction that Pakistan was effectively and successfully managing this challenge.
He appreciated that all relevant institutions had taken timely and effective measures to prevent any emergency situation in the supply and demand of essential goods.
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The prime minister further highlighted that, after meeting domestic requirements for food and essential commodities, progress was being made successfully on a comprehensive strategy to export surplus production.
He reaffirmed that the government remained committed to taking all necessary steps for economic stability, growth, and public welfare.
In view of rising trends in global market prices, the prime minister directed that a medium- and long-term comprehensive strategy be developed to tackle financial and economic impacts on the country.
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He specifically instructed that the strategy be formulated through close coordination among relevant ministries and institutions, keeping in view the stability and growth of all sectors of the economy.
The prime minister also directed that effective measures be proposed to minimize the impact of rising production costs on exports and overall economic output due to the global situation.
He emphasized the need to fully utilize available resources and opportunities to prevent negative impacts on agricultural and industrial production amid the current economic challenges.
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During the briefing, it was informed that all relevant ministries and institutions were reviewing the economic impacts of the situation on a daily basis, in line with the prime minister’s directives.
The meeting reviewed medium and long-term planning to address financial and economic challenges arising from regional tensions. The prime minister appreciated the coordinated efforts of all ministries and institutions and directed further improvement in collaboration.
He also expressed gratitude for maintaining the supply-demand balance of essential goods in Pakistan despite challenging conditions.
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The meeting was attended by Minister for Planning Ahsan Iqbal, Minister for Finance Muhammad Aurangzeb, Minister for Power Division Sardar Owais Ahmed Khan Leghari, Minister for Information and Broadcasting Attaullah Tarar, Minister for Climate Change Musadik Malik, Minister for National Food Security Rana Tanveer Hussain, Minister for Petroleum Ali Pervaiz Malik, Minister for Economic Affairs Ahad Khan Cheema, Special Assistant to the Prime Minister Haroon Akhtar, Governor State Bank Jameel Ahmad, and other senior officials.
Also, Prime Minister Shehbaz Sharif expressed government’s commitment to facilitate global investors especially in the Information Technology sector.
He was talking to the CEO of global digital operator VEON Group, Kaan Terzioglu in Islamabad.
The Prime Minister said Pakistan aims to ensure transparency while adopting digitalization in the economic sector.
He said all relevant departments are working in coordination to provide the people with high quality internet services after the auction of 5G spectrum to telecom operators.
Shehbaz Sharif noted that the interest of Pakistan’s youth in telecom and information technology is attracting international investors.
Kaan Terzioglu praised the government’s initiatives aimed at achieving a cashless economy and full digitalization of the economy.
He expressed his company’s intention to further increase investment in Pakistan