PM Shehbaz also expressed optimism based on predictions from economic experts that inflation would continue to decline in the coming months, a positive sign for the nation’s economic recovery
By Asghar Ali Mubarak
ISLAMABAD: Prime Minister Shehbaz Sharif expressed profound appreciation for China’s unwavering support to Pakistan during a critical period marked by economic challenges. His remarks came during an event commemorating China’s 75th National Day in Islamabad on Thursday. The Prime Minister highlighted the significance of the China-Pakistan Economic Corridor (CPEC), a transformative initiative that has been pivotal in enhancing infrastructure, energy, and economic growth in Pakistan.
In his address, PM Shehbaz outlined the objectives of CPEC’s upcoming second phase, which aims to bolster key sectors such as information technology, minerals, and renewable energy. This phase is anticipated to not only enhance economic collaboration but also create job opportunities and foster technological advancements in Pakistan. “We are looking forward to welcoming the Chinese premier next month,” he noted, signaling his government’s eagerness to deepen bilateral relations and explore further avenues for cooperation with China, which is viewed as a crucial ally in Pakistan’s development journey.
During a subsequent dinner for coalition parliamentarians, PM Shehbaz underscored the critical need for political stability and policy continuity as prerequisites for sustainable national progress. He shared insights into recent economic developments, particularly a notable reduction in inflation to 9.6% in August, attributing this positive trend to the government’s strategic economic policies and reforms aimed at stabilizing the economy. “These figures reflect our commitment to prudent economic management,” he asserted, expressing hope that expert predictions of continued decline in inflation would materialize, thereby signaling a path toward economic recovery.
The Prime Minister further elaborated on the government’s successful initiatives to avert default, emphasizing the role of comprehensive reforms that have started to bear fruit. He indicated that these efforts not only mitigate immediate economic pressures but also lay the groundwork for a more resilient and prosperous future for the people of Pakistan. As part of this restructuring, he noted ongoing initiatives to digitize the economy, which are expected to enhance efficiency and transparency across various sectors.
In addressing the pressing issue of rising electricity tariffs, PM Shehbaz acknowledged public concerns and reaffirmed the government’s commitment to providing relief, especially to low-income households. He stated that measures are being implemented to cushion the impact of increased energy costs on vulnerable segments of society, reflecting a balanced approach to economic recovery that prioritizes social welfare alongside fiscal stability.
The Prime Minister’s statements encapsulate a multifaceted strategy that not only seeks to leverage international partnerships, particularly with China, but also emphasizes the importance of robust domestic reforms to navigate Pakistan through its current economic landscape. By fostering collaboration and implementing forward-thinking policies, PM Shehbaz aims to steer the nation toward a trajectory of sustainable economic growth and stability, ensuring that the benefits of recovery reach all layers of society.
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