ISLAMABAD: Prime Minister Shehbaz Sharif highlighted the government's ongoing efforts to reduce energy costs in the coming months, acknowledging the challenges faced by the industrial and agricultural sectors due to rising power tariffs.

Speaking at the inauguration of a local hotel, he stressed that a competitive industrial sector is essential for economic growth and reaffirmed his government's commitment to easing the cost of doing business. The Prime Minister emphasized the government's resolve to create a conducive environment for trade and business, which he believes will help revitalize the country's economic growth. He also expressed optimism about Pakistan's economic recovery and reiterated the government's commitment to advancing progress across various sectors, including agriculture, industry, information technology, and mining. He pointed out that the government has made strides in stabilizing the economy, with inflation now reduced to below 5%, and the banking policy rate falling under 13%. He also noted the positive growth in exports, particularly in the IT sector, which he described as a key contributor to the country's economic development.

As part of his vision for economic reform, the Prime Minister reiterated the government's focus on downsizing and rightsizing public entities to reduce government expenditure. In his address, PM Shehbaz announced a new initiative for the privatization of Pakistan International Airlines (PIA) and invited local investors to participate in a transparent bidding process. Reflecting on past privatizations, he referenced the successful privatization of banks in the 1990s under the leadership of his brother, former Prime Minister Nawaz Sharif, and expressed confidence that PIA would be transformed into a world-class airline, similar to its status in the 1960s. The Prime Minister also mentioned that Pakistan is nearing the completion of its final International Monetary Fund (IMF) program.

He highlighted ongoing efforts to remove barriers to foreign investment and assured that initiatives to improve the ease of doing business will soon be rolled out. In closing, PM Shehbaz emphasized that Pakistan's revival as a great nation is achievable through the collective efforts of all stakeholders and nation-builders.