ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday welcomed an improvement in key economic indicators, saying the government would work to ensure that the gains from economic stability translate into more jobs, business activity and relief for the public.
In a statement issued by the Prime Minister’s Office, Shehbaz highlighted stronger remittances, higher exports, increased foreign investment, improved foreign exchange reserves and growth in large-scale manufacturing.
He said workers’ remittances rose from $6.3 billion to $7.3 billion during July and August, while inflows in August increased 16.5 per cent year-on-year.
The prime minister said the rise reflected continued confidence among overseas Pakistanis, whom he described as an important asset for the country.
He also pointed to a 4 per cent increase in exports, saying the government was taking steps to support exporters and provide greater facilitation to small and medium-sized industries.
Shehbaz said a narrowing current account deficit and higher foreign direct investment were further signs of improving economic stability.
According to the statement, total foreign investment increased by 80.2 per cent during July and August.
The prime minister said Pakistan’s foreign exchange reserves had reached $26.8 billion, reflecting an improvement in the external sector.
He added that large-scale manufacturing output rose by 3.03 per cent in July, describing the increase as an encouraging sign for industrial activity.
Shehbaz also cited higher agricultural lending and a rise in company registrations as indicators of improving business activity.
Company registrations increased by 38.8 per cent to 10,199 in July, according to the statement.
The prime minister said stronger activity at the Pakistan Stock Exchange also reflected improved investor confidence.
He reiterated that the government would continue structural reforms and investment promotion to place the economy on more sustainable foundations.
Shehbaz said the reform process would be accelerated further, with the aim of building a stronger and more stable economy and ensuring that the benefits of economic improvement reach ordinary people.