Latest news with #MuhammadShehbazSharif
Business Recorder
3 days ago
- Business
- Business Recorder
PM terms C/A surplus ‘historic milestone'
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Saturday said that for the first time in 14 years, Pakistan had posted a $2.1 billion annual current account surplus and the largest after 22 years, which is a historic milestone. 'Driven by record remittances, rising exports, and a laser focus on structural reforms, this achievement reflects the confidence of overseas Pakistanis and the resolve at home,' the prime minister further posted on X handle. C/A posts surplus of over $2bn after 14 years He also particularly appreciated the economic team for their commendable efforts in this regard.
Gulf Today
4 days ago
- Business
- Gulf Today
Pakistan's current account surplus hit a 22-year high of $2.1 billion
Pakistan's Prime Minister Muhammad Shehbaz Sharif hailed the increase of current account surplus to $2.1 billion in fiscal year 2024-2025. In a statement, he said current account surplus had reached the highest level in last 22 years which was a very positive development. 'Due to government measures, foreign exchange reserves have crossed $19 billion,' he added as quoted by APP. The prime minister said the main reason for stability in current account surplus was significant increase in remittances and exports, adding with every passing day, improving financial and economic indicators showed that the country's economy was on the path of stability. 'The government is taking priority steps to further improve the business and investor friendly environment in the country,' he remarked. He said: 'The efforts of the government's economic team are commendable.' Meanwhile Pakistan's consumer price inflation rose 3.2 per cent year-on-year in June, the statistics bureau said on Tuesday, broadly in line with the finance ministry's projection of 3 per cent to 4 per cent issued a day earlier. On a month-on-month basis, prices increased 0.2 per cent in June, reversing a 0.2 per cent decline in May. The data comes after Pakistan's central bank kept its key interest rate unchanged at 11 per cent in June. The State Bank of Pakistan (SBP) said in its latest monetary policy statement that inflation was expected to show some near-term volatility but gradually stabilise within the 5 per cent to 7 per cent target range. The figures also come weeks after Pakistan unveiled its annual budget, which included new revenue measures and subsidy cuts as part of efforts to secure a long-term loan programme from the International Monetary Fund (IMF). Analysts have warned that higher energy and tax costs could stoke inflation in the second half of the year. Pakistan's stock exchange rose 2.3 per cent on the day to close at an all-time high of 128475.7 points, on Tuesday, the first day of the new fiscal year. Meanwhile last week the Government of Pakistan and the Asian Development Bank (ADB) on Tuesday signed a $350 million loan agreement for the 'Women Inclusive Finance Sector Development programme (Subprogram-II),' aimed at strengthening women's access to finance and advancing gender-inclusive economic development. According to the Associated Press of Pakistan (APP), which cited a press release issued by the Economic Affairs Division, the agreement was signed by Sabina Qureshi, Additional Secretary of the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of the Project Administration Unit at ADB. The State Bank of Pakistan signed the Project Agreement for the Financial Intermediary Loan. This agreement reflects the Government of Pakistan's continued commitment to empowering women economically by expanding access to financial resources, encouraging entrepreneurship, and generating employment opportunities. The initiative is designed to promote a more inclusive and sustainable economic future for women across the country. Subprogram II builds on the foundational policy reforms introduced under Subprogram I and focuses on four strategic areas. These include establishing a supportive policy and regulatory framework for women's financial inclusion; increasing the availability of financial resources tailored for women; strengthening the entrepreneurial skills and capabilities of women; and fostering inclusive and equitable workplace environments within the financial sector. Meanwhile Pakistan has been ranked among the world's top emerging economies following a significant drop in its default risk in a major boost to investor sentiment and international credibility. According to a new report by the globally renowned financial data agency Bloomberg, Pakistan's probability of default has declined from 59 per cent to 47 per cent over the past 12 months — a notable improvement of 1100 basis points. The report highlights Pakistan's growing economic stability and successful financial reforms as key factors behind this improvement. Bloomberg attributes the positive shift to enhanced investor confidence, improved foreign exchange reserves, successful negotiations with the International Monetary Fund (IMF), and increased efforts to boost revenue through domestic reforms. Pakistan's inclusion at the top of Bloomberg's list of emerging economies reflects a strong endorsement of the government's recent economic measures. The report states that credit rating upgrades and strengthened relations with international financial institutions have contributed to a more stable outlook, encouraging global investors to re-engage with Pakistan. Agencies
Express Tribune
4 days ago
- Politics
- Express Tribune
Resolution of Kashmir issue guarantee of peace: PM
Prime Minister Shehbaz Sharif chairs a review meeting on Hajj arrangements for the upcoming year in Islamabad on Saturday, June 21, 2025. Photo courtesy: Radio Pakistan Listen to article Prime Minister Muhammad Shehbaz Sharif said a peaceful resolution of the Kashmir issue in accordance with the resolutions of the United Nations Security Council is the only guarantee of the rights of the Kashmiris and peace in the region. In a message on the occasion of Kashmir Accession Day, he said the government and people of Pakistan will continue to extend diplomatic, moral and political support to the Kashmiris. "Kashmir Accession Day is celebrated every year on July 19 in memory of the Srinagar session of the All Jammu and Kashmir Muslim Conference in 1947," he noted. He said, "On that day, the brave people of Kashmir passed a resolution to accede to Pakistan for the state of Jammu and Kashmir." He said, "The story of the unending sacrifices of Kashmiris that began in 1947 is not only continuing today, but the brutality and oppression of one million Indian troops have failed to break the resolve of Kashmiris and with the passage of time, the spirit of freedom of Kashmiris has strengthened." "Today, like their ancestors the third generation of Kashmiris is also determined to achieve their right to self-determination," he remarked. The prime minister said, "The decades-long struggle of the brave Kashmiris against illegal occupation shows their patriotism and genuine desire for freedom."
Business Recorder
5 days ago
- Business
- Business Recorder
Public welfare projects: PM directs third-party validation
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Thursday directed to ensure third-party validation for transparency in public welfare projects, especially those related to clean water, electricity, communications, and education. He emphasized the importance of maintaining high standards in completed and near-completion projects through independent validation. Chairing a review meeting regarding the development projects of the current fiscal year, the prime minister instructed that delayed projects must be completed as soon as possible. PSDP: PM wants fund allocation to high impact projects He said that the construction of high-quality educational centers like Danish Schools in Gilgit-Baltistan, Azad Jammu & Kashmir, and all provinces was a top priority of the government. The prime minister added that educational institutions were a vital part of the current fiscal year's development plans, aimed at providing international-standard education and training to children from economically disadvantaged backgrounds, ensuring equal development opportunities. He highlighted that water reservoirs were crucial for national integrity, and several projects were currently under construction to this end. He noted that the establishment of technology parks in Karachi and Islamabad will make Pakistan a significant economic hub for information technology both in the region and globally. He emphasized that the development of Special Economic Zones (SEZs) was a key component of the government's economic vision for the country. During the meeting, the prime minister was briefed on the completed development projects as well as those currently underway in the current fiscal year. The briefing informed that multiple projects across the country in sectors such as communications, IT, water reservoirs, electricity, educational institutions, and hospitals had been completed, and work on new projects was progressing rapidly. The meeting was attended by Minister for Planning and Development Dr. Ahsan Iqbal, Minister for Economic Affairs Ahad Khan Cheema, Minister for Information and Broadcasting Attaullah Tarar, and senior officials from relevant institutions.
Express Tribune
6 days ago
- Business
- Express Tribune
Govt greenlights 15% boost in EOBI payouts
Prime Minister Shehbaz Sharif chairs a review meeting on Hajj arrangements for the upcoming year in Islamabad on Saturday, June 21, 2025. Photo courtesy: Radio Pakistan Listen to article The federal cabinet on Wednesday approved 15% increase in pensions provided by the Employees' Old-Age Benefits Institution (EOBI), effective from January 1, 2025, on the recommendation of the Ministry of Overseas Pakistanis and Human Resource Development. This increase will be funded from the institution's own resources. The meeting of the federal cabinet was held under the chairmanship of Prime Minister Muhammad Shehbaz Sharif. The prime minister directed the formation of a cabinet committee to introduce institutional reforms in EOBI. The committee will also deliberate on proposals to extend old-age benefits to the informal labor sector, including domestic workers, agricultural laborers, and other marginalized employment categories that have been previously overlooked. The reforms aim to ensure that workers in these neglected sectors receive their due rights. The cabinet also approved the initiation of necessary legal procedures regarding the draft of the Sea Carriage Shipping Documents Bill, 2025, on the recommendation of the Ministry of Maritime Affairs. On the recommendation of the Ministry of National Health Services, the cabinet approved a five-year extension of exemption on the import of anti-cancer, cardiac, and life-saving drugs used in hospitals and related healthcare institutions. The medicines are considered vital for saving human lives, and the exemption is intended to ensure their prompt availability. These drugs will be available only in hospitals and authorized institutions, with a ban on open market sales. Import of these medicines will require prior approval from the relevant licensing authority. The cabinet also endorsed the decisions made in the meetings of the Cabinet Committee on Legislative Cases held on July 2, 2025, and July 3, 2025. Earlier addressing the cabinet, the prime minister commended the efforts of all provincial governments, the federal administration, as well as authorities in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB) for making the best possible arrangements during Muharram. He also expressed gratitude to the law enforcement agencies and all stakeholders for maintaining law and order during the religious observances. The prime minister also spoke about disaster preparedness amid the ongoing monsoon season. He said he had chaired a high-level meeting with the National Disaster Management Authority (NDMA) and Provincial Disaster Management Authorities (PDMAs) to ensure best arrangements. He commended the efforts of NDMA for making arrangements to cope with heavy rains in different parts of the country. He expressed sorrow over the loss of lives due to heavy rainfall in various parts of the country, specifically the tragic incident in Swat. He said it was an unfortunate incident and emphasized the need to learn lessons from it and implement measures to prevent similar tragedies in the future. On the economic front, PM Shehbaz expressed satisfaction over the recent positive trends in macroeconomic indicators. He reiterated his government's focus on performance and service delivery, announcing that the performance of ministries would be evaluated every two months. "This message I want to make loud and clearit is all about delivery and service to the nation," the prime minister stressed. He added that ministries performing well will be acknowledged and appreciated, while those falling short will be held accountable and asked to explain. During the meeting, he also praised Federal Minister for Planning Ahsan Iqbal for his ministry's effective utilization of development funds, noting that the development spending had reached over Rs 1 trillion under the Public Sector Development Programme (PSDP).
