SIFC reviews initiatives for economic transformation

Special Investment Facilitation Council (SIFC) convened 11th Apex Committee Meeting on Thursday to review various initiatives being steered through the forum.
The meeting was chaired by Prime Minister Muhammad Shehbaz Sharif and attended by Chief of the Army Staff, Federal Cabinet, Provincial Chief Ministers, the Prime Minister of Azad Jammu and Kashmir, Chief Minister of Gilgit Baltistan and high level government officials.
Secretary Apex Committee briefed the forum about strategic focus, initiatives and contributions of SIFC to support National Economic Transformation Plan 2024-2029 ‘Uraan Pakistan’. The committee showed profound satisfaction in improving the macro-economic conditions of the country while emphasizing upon the importance of collective efforts for ensuring unhindered economic growth and passing on the dividends to the masses.

During the session, the Committee approved the Action Plan for Optimization of SEZs to rejuvenate industrial landscape of Pakistan. The committee also reviewed the proposal of National Minerals Harmonization Framework with due consent of all stakeholders. Forum was briefed on various initiatives in the domain of HRD, enabling improvement of skills and global standard accreditation. Chief Ministers also shared the ongoing initiatives in each province which will spur the economic growth.

COAS assured firm resolve of Pakistan Army’s support to government’s initiatives for economic stability ensuring peace and security.

At the end, the Prime Minister appreciated the role of SIFC, ministries, departments and affiliated stakeholders in setting the tone for future activities during 2025. He also emphasized upon the importance of collective efforts at all tiers in the larger interest of the country.

On the occasion, Prime Minister Shehbaz Sharif underlined that the economic development was directly linked with political stability as the strength of a country’s economy was deeply rooted in its political framework. Chairing a meeting on Special Investment Facilitation Council (SIFC), the prime minister said the country’s macroeconomic indicators had significantly improved due to the untiring efforts of the economic team, expressing his confidence that the year 2025 will bring prosperity and growth in the country.

"For the first time after 2018, the inflation rate has been eased down to 4.1%, foreign remittances have posted increase of 34%, exports have also jumped, and foreign exchange reserves have jumped from $4 billion to $12.5 billion,” PM Shehbaz said adding that the policy rate which was now at 13% had space of further 8% keeping in view the inflation rate.

As regards, foreign investment, the prime minister emphasized that MoUs worth billions of dollars had already been signed with Saudi Arabia, Qatar and UAE. He said having achieved economic stability, the country had now entered the growth stage. “If we want to achieve the economic development, then we will have to focus on export-led growth and we have no other option”.

The prime minister also appreciate the efforts of Federal Board of Revenue and the economic team for collecting additional Rs 72 billion under ADR (advance-to-tax ratio) due to which the government’s target of tax revenue for December 2024 had almost been achieved.

The prime minister noted that due to the faceless interaction facility, 39% time duration of container inspection had been reduced while the businessmen got relief of 89%. Additionally, he said smuggling of sugar through Afghanistan had been reduced to zero which was a positive sign for the country’s economy. He informed that the national exchequer received $0.5 billion in term of sugar export while the rice exports posted $4 billion.

As regards, terrorism in the country, the prime minister vowed that the law enforcing agencies were fully committed to halt the nefarious designs of the enemies. “Security has become a big challenge today and without crushing the menace of terrorism, we cannot move forward,” he said.

The prime minister also congratulated the relevant stakeholders on the agreement between tribes to normalize the situation in Kurrum. However he expressed deep grief over the loss of dozens of innocent lives in the area.

Sources disclosed that the meeting ratifies significant decisions taken by the SIFC Executive Committee and review the council's performance report.

Participants were briefed on development projects, investment opportunities, and newly discovered oil and gas reserves under the SIFC framework. 

In a related development, the Prime Minister has scheduled a second Apex Committee meeting on Friday to discuss the implementation of the National Action Plan (NAP). This meeting will address the security situation and is expected to finalise critical decisions regarding the plan's execution, sources stated.

Reporter: Awais Kiyani