Azerbaijan has committed to investing up to $3 billion in various sectors of Pakistan’s economy.
Prime Minister Shehbaz Sharif announced at a recent cabinet meeting that Azerbaijan planned to sign memoranda of understanding (MoUs) for $2 billion to $3 billion in investments to bolster Pakistan’s economic strength.
The Prime Minister also mentioned his recent visit to Saudi Arabia, after which a delegation travelled to Riyadh to discuss economic cooperation in sectors such as solar energy, mines, minerals, and information technology.
He emphasized the growing demand for IT professionals in Saudi Arabia and the Gulf—a demand Pakistan could easily meet.
Additionally, he stressed the urgency of implementing the MoUs signed with Saudi Arabia and noted the significant impact of the State Bank of Pakistan’s 250-basis-point policy rate cut to 15%. He attributed this reduction to successful government measures for economic stability.
The Prime Minister mentioned that the lower policy rate reduced the government’s debt burden by Rs1.3 trillion and decreased borrowing costs, contributing to economic strengthening. He acknowledged tax collection and enforcement challenges, labelling tax-payers as true patriots and directing the Federal Board of Revenue (FBR) to treat them with the utmost respect.
However, he issued a stern warning against tax evaders and the FBR officials who aid them.
Sharif announced plans to introduce a “winter package” for electricity consumers soon, praising the efforts of the ministers and secretaries for power and finance in preparing this initiative.
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He concluded that the government would continue introducing measures to alleviate public hardship, strengthen the economy, and increase employment. He announced an upcoming meeting to address the challenges associated with meeting International Monetary Fund (IMF) requirements, expressing confidence in the nation’s ability to overcome economic hurdles.
