Pakistan’s interim govt announces to revive industries

ISLAMABAD: In a significant development aimed at fostering economic growth, Pakistan’s interim government convened a Special Investment Facilitation Council meeting on Friday.

After the meeting, key interim ministers discussed various strategies to remove obstacles in the path of non-traditional investments.

Addressing a joint press conference, Caretaker Information Minister Murtaza Solangi highlighted the importance of the ongoing discussions regarding boosting investments in the country.

He emphasised that measures are being taken to address hurdles in non-traditional investment avenues.

Additionally, he said efforts are under way to combat smuggling, a pressing issue that negatively impacts the economy.

“It is our commitment to facilitate economic growth through various initiatives,” stated Solangi, emphasising the government’s determination to reduce expenditures.

Caretaker Finance Minister Shamshad Akhtar, echoed this sentiment, saying, “We are all working together as a team for the prosperity of the country. We are currently assessing various aspects to promote economic growth.”

She emphasized the necessity of reforms for reviving the country’s economy. “Empowering ordinary citizens economically is our priority,” she added.

Caretaker Commerce Minister Gohar Ejaz emphasized the need to increase revenues for economic betterment. He noted that the country’s inflation has been adversely affected by a decrease in supply from China.

“We must revitalize our industries. Privatizing some sectors may be necessary to keep the wheel of the economy turning,” commented Ejaz.

He pointed out that when industries flourish, it can lead to both increased exports and revenue generation. “The revival of industries can not only boost our economy but also lead to significant earnings,” he said.

Furthermore, Ejaz highlighted the importance of enhancing revenue through the revival of industries.

Addressing concerns about rising inflation, Shamshad Akhtar attributed a significant portion of the problem to disruptions in the supply chain from China. “We are taking comprehensive steps to address this issue,” she said.

“The government is exploring ways to increase the availability of gas and oil, which is essential for running industries,” said Interim Power Minister Muhammad Ali.

He added that ensuring the security of gas and oil exploration is also a priority.

The ministers discussed measures to control electricity prices and improve governance in electricity supply companies. “Efforts are being made to reduce line losses,” added Mr. Ali.

In addition to economic reforms, the ministers also discussed the issue of smuggling, which significantly impacts the country’s economy. Efforts are being made to curb smuggling, with specific focus on controlling the flow of illegal goods.

The government also addressed the issue of electricity relief, which is currently under discussion with the International Monetary Fund (IMF). The decision regarding electricity relief is expected to be reached by Monday.

These discussions highlight the interim government’s commitment to tackling economic challenges and improving the overall economic landscape of Pakistan, they said.

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