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Pak economy at the top in the region: PM

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ISLAMABAD: Expressing satisfaction with the state of improvement and stability of the country’s economy, Prime Minister Imran Khan on Friday stressed that the fruits of economic recovery should reach the common man as soon as possible.

To this end, Imran Khan chaired a meeting on the national economy. Federal Ministers Shah Mehmood Qureshi, Khusro Bakhtiar, Hammad Azhar, Financial Advisor Dr Abdul Hafeez Shaikh, Dr Ishrat Hussain and Special Assistant Dr Waqar Masood attended the meeting. The meeting discussed the state of the country’s economy.

Prime Minister Imran Khan appreciated the efforts of the economic team in terms of economic discipline and better management of the country’s debt. The Prime Minister called the positive developments in the large-scale manufacturing sector a welcome development for the economy. The meeting discussed in detail the possible impact on the economy in the context of the second wave of corona and the sponsorship program to ensure the protection of the poor.

The prime minister said that the government’s strategy against the crown is not only appreciated globally, but also that the Pakistani economy is emerging fastest in the region thanks to the integrated strategy of the economic team.

Meanwhile, Energy Minister Omar Ayub Khan met Imran Khan here. He briefed the Prime Minister on issues related to the industrial package, energy and oil.

He said the government’s decision to provide electricity to the industrial sector at reduced tariffs has yielded positive results. Expressing his satisfaction at the government’s decision on electricity tariffs by the business community, the Prime Minister said that providing all possible facilities to industry to stabilize the country’s economy was one of the government’s main priorities.

At the same time, Imran Khan said that Pakistan’s coastline is not only conducive to world-class tourism and urban building, but also has the potential to create countless foreign investment opportunities.

He added that the Ravi City project would reduce demographic pressure on a big city like Lahore and introduce new dimensions of urban planning in Pakistan.

The Prime Minister said that these big projects will have a positive impact on the national economy and the life of the common man. He said these projects will lead to the development of local industries and create new job opportunities.

He observed this while chairing a meeting of the Pakistan Island Development Authority and Ravi Urban Development Authority working groups. Sindh Governor Imran Ismail and Punjab Chief Secretary Jawad Rafique Malik attended the meeting via video link.

The Prime Minister was informed of the progress made so far on the two projects. The Prime Minister was informed that for the first time in the country’s history, the town of Ravi and the towns to be built on the islands will be built in accordance with the principles of the green city.

President Ravi Development Authority said the investigation of 18,600 acres of building land has been completed, with no need to evict or relocate the local population. He added that the Ravi City project would be an example in the region in terms of international standard housing as well as drainage, availability and protection of groundwater resources and environmental protection.

It should be noted that these projects are developed on the basis of partnerships rather than loans in which international institutions and investors show an interest in investing.

The President of the Pakistan Island Development Authority informed the Prime Minister of the interest of a large number of international companies in the Master Development and Environmental Studies of the Island Development Authority.

Imran Khan was also informed on Friday that after construction began on 44 million square feet in the Punjab, economic activities worth around Rs 1 trillion would begin in the province.

The Prime Minister chaired a weekly meeting of the National Coordinating Committee for Housing, Construction and Development.

The SBP Governor informed the meeting that the banks are providing facilities for obtaining loans for the construction of houses under the new housing program in Pakistan. He said that for the convenience of the people, special offices would be set up in 50 percent of bank branches in all districts of the country to provide loans for construction.

The Chief Secretary of Punjab informed the meeting that requests for construction work on 44 million square feet have been received from across the province, with approval given for the construction of 20 million square feet. He added that consumption in all construction industries, including cement, bricks and masonry, has increased.

Khyber Pakhtunkhwa Chief Secretary informed the meeting that requests for new construction on approximately 6 million square feet have been received from across the province. He added that after the approval, economic activities worth Rs 100 billion would start in the province.

The prime minister said the rapid pace of construction works will improve the country’s economy and provide employment opportunities for the people. He ordered the government of the Punjab to approve the received requests for the construction works as soon as possible in accordance with the laws in force.

The Prime Minister called on Pakistan Telecommunication and Nepra to work with the SBP to resolve the issues related to the construction sector as soon as possible.

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