ISLAMABAD, Oct 1 (APP): Prime Minister Muhammad Shehbaz Sharif on Thursday welcomed improvement in key indicators of the national economy highlighted in the monthly economic outlook report, vowing to ensure that the benefits of economic stability reach the people and create more employment and business opportunities.
He highlighted that remittances increased from $6.3 billion to $7.3 billion in July and August, and termed the 16.5% year-on-year increase in remittances in August as a welcome development. “Overseas Pakistanis are our valuable asset, who send their hard-earned money back home.”
The significant increase in remittances reflects the confidence of overseas Pakistanis in the country’s economy, the prime minister said in a statement issued by the PM Office.
The prime minister said that a 4% increase in exports was also an encouraging development for the national economy.
“The government is taking steps to facilitate the growth of the export sector and provide all possible support to small and medium-sized industries,” he added.
He underscored that the reduction in the current account deficit and increase in foreign direct investment reflected positive progress toward economic stability.
An 80.2% increase in total foreign investment during July and August reflects growing investor confidence, the prime minister said adding that the government was providing a conducive environment for investors to boost economic activity in the country.
He said Pakistan’s foreign exchange reserves reaching $26.8 billion reflected improvement in the external sector of the economy.
The government will continue implementing reforms and effective economic policies to stabilize the economy, the prime minister said and added that establishing the national economy on sustainable foundations was the government’s top priority.
He said an increase in large-scale manufacturing output was a sign of improvement in economic activity. “A 3.03% increase in large-scale manufacturing output in July is encouraging.”
PM Shehbaz Sharif pointed out that an increase in agricultural lending was an important development for the growth of the agricultural sector and financial support to farmers adding that a significant increase in company registrations reflected the expansion of business activity.
Company registrations, he informed, was increased by 38.8% to 10,199 in July while a significant rise in the Pakistan Stock Exchange reflects improved investor confidence.
He reiterated the government’s resolve to further strengthen economic growth through reforms and the promotion of investment across all sectors of the economy.
The prime minister said that process of reforms will be further accelerated to make Pakistan a strong, stable, and sustainable economy.
Source: APP (Associated Press of Pakistan)
