Macroeconomic stability achieved: PM

DUBAI: Prime Minister Shehbaz Sharif said Pakistan achieved macroeconomic stability in the last one year with the help of the International Monetary Fund programme and now we are focussing on driving economic growth.

Speaking to Pakistani business leaders and investors here on Monday, he said the macro level foundation of the Pakistani economy had gradually improved in the previous year as the inflation was at 2.4 percent in the month of January and bank’s policy rate was at 12 percent.

The exports had improved as compared to last year and the foreign remittances touched the level of three billion dollars which was a record, he explained. He said the country would have to overcome tough economic challenges, adding the government was moving in the right direction with the goal to achieve economic growth. “Our efforts are focused on some key areas including mining and minerals,” he remarked. Pakistan was working together with the United Arab Emirates and Saudi Arabia to extract its immense mineral resources, he continued. The prime minister said it was unfortunate that not much progress was made in the mining sector to exploit country’s minerals worth trillions of dollars.

He said another area of vital importance was information technology and proper training of youth in this field could help the country turn around its economy. Pakistan’s 60 percent population was 15-30 years old, he noted. Shehbaz Sharif said Pakistan was endowed with immense resources in the agriculture sector but in the last many decades per acre yield remained marginal as modern techniques and technology were not introduced to promote crop production. “Many countries moved ahead of Pakistan in the production of rice, sugar, cotton and wheat and we lagged behind our neighbouring countries.” He informed that the government was funding a programme to send 1000 fresh agriculture graduates for training to China in various fields related to agriculture.He expressed hoped that after return from China these students would be well equipped with modern knowledge to assist the country in increasing its agriculture production.

He stressed that country needed to convert its agriculture production into value added products to gain better economic growth. “We needed to focus with complete dedication and commitment so we can move forward with speed to gain results for the economy,” he said adding team work was needed to transform society in every walk of life. He assured that the government would include suggestions of the business leaders in its economic programme.

Earlier, Prime Minister Shehbaz Sharif reaffirmed the government’s commitment to empowering women, ensuring they become key drivers of progress in the 21st century. In his message on the occasion of the International Day for Women and Girls in Science, the prime minister said “This year’s theme, ‘Charting Progress to Shape the Future: The Best is Yet to Come’, is a reminder of the strides we have made and the work that lies ahead in building an inclusive, innovative, and equitable future.”

According to the PM, equal participation of men and women in scientific research and technological advancement is essential for economic development and societal well-being. However, women have long been under represented in science and technology. This has created a significant gender gap in these vital fields. “According to the UNESCO Institute for Statistics (UIS), women constitute less than 30pc of the world’s researchers, and in cutting-edge fields like artificial intelligence, the number drops to just 22pc.”

Recognising that the future depends on innovation and technological progress, Shehbaz said Pakistan has prioritised programmes that focus on skill development, support for women-led start-ups, and greater access to research funding. “Initiatives include training in robotics, AI, and digital solutions, scholarships and programs encouraging innovation and entrepreneurship. For us empowering women and girls in science is a national priority and all-out efforts are being made to create an enabling environment and providing equal opportunities, to ensure that women become key drivers of progress and innovation in the 21st century,” he said.