Islamabad: An economist, Dr. Hassan Daud But, praised the government for its significant economic accomplishments despite facing various global challenges. During a comprehensive press conference held by the economic team of Prime Minister Shehbaz Sharif, the commitment to enhancing the country's economic prospects was clearly reflected. The Finance Minister and his team underscored the government's achievements despite challenges faced by national financial institutions and economic managers, while also outlining a future roadmap to safeguard foreign direct investment and address global economic challenges.
According to Radio Pakistan, Pakistan has recently encountered numerous challenges, including conflicts with India, tensions between Iran and Israel, and the ongoing Russia-Ukraine war, along with cross-border terrorist attacks from Afghanistan. Despite these hurdles, Pakistan's economic growth outlook is advancing towards sustainability. Dr. But emphasized the importance of maintaining economic policies and political stability to prevent distractions for foreign investors. The government has achieved provincial and federal harmony on foreign investment through SIFC and has enhanced the business environment by improving ease of doing business, which has boosted investor confidence.
The government has also successfully reduced the inflation rate to single digits and lowered power costs through various initiatives. International rating agencies such as Fitch and Moody's have upgraded Pakistan's ratings, which signals positive economic progress. Dr. But noted that even better economic outcomes could have been achieved with a more favorable regional situation, suggesting that further economic growth is anticipated in the next two years. He also stressed the need for constructing more dams to increase power generation and prevent floods, attributing these achievements to the political will and the continuity of economic policies.