Prime Minister Shehbaz Sharif says rising remittances, exports, investment, reserves and industrial output reflect improving economic conditions.
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has welcomed improvements in key economic indicators highlighted in the monthly economic outlook report, saying the developments reflect positive progress toward economic stability.
The prime minister said the significant increase in remittances demonstrated the confidence of overseas Pakistanis in the country’s economy. He noted that remittances increased from $6.3 billion in July and August to $7.3 billion, while remittances in August recorded a 16.5% increase compared with the same month last year.
“Overseas Pakistanis are our valuable asset who send their hard-earned money back home,” Shehbaz said.
The prime minister also welcomed a 4% increase in exports, describing it as an encouraging development for the national economy. He said the government was taking measures to facilitate the export sector and provide support to small and medium-sized industries.
Shehbaz said a reduction in the current account deficit and an increase in foreign direct investment were positive signs of economic stability. He added that total foreign investment increased by 80.2% during July and August, reflecting growing investor confidence.
The prime minister said the government was working to provide a conducive environment for investors to strengthen economic activity in the country.
He also highlighted the improvement in Pakistan’s foreign exchange reserves, which reached $26.8 billion, saying the increase reflected improvement in the external sector of the economy.
Shehbaz said the government would continue implementing reforms and effective economic policies to stabilize the economy. He described establishing the national economy on sustainable foundations as a top government priority.
The prime minister also pointed to an increase in large-scale manufacturing as a sign of improving economic activity. He said large-scale manufacturing output rose by 3.03% in July.
He further highlighted an increase in agricultural lending as an important development for the growth of the agriculture sector and financial support for farmers.
According to the prime minister, a significant increase in company registrations also indicated greater business activity. He said company registrations rose 38.8% to 10,199 in July.
Shehbaz also welcomed a notable increase in the Pakistan Stock Exchange, saying it reflected improved investor confidence.
The prime minister said the government would continue reforms and promote investment across all sectors of the economy to further strengthen economic growth.
He said the government would maintain its efforts to ensure that the benefits of economic stability reach the public while creating more employment and business opportunities.
“Pakistan will be made a strong, stable and sustainable economy, and the reform process will be accelerated,” the prime minister said.
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