Pak­istan’s econ­omy turned around; coun­try head­ing to a bright fu­ture

The Pak Banker - - FRONT PAGE -

Prime Min­is­ter Muham­mad Nawaz Sharif Thurs­day said Pak­istan's econ­omy has wit­nessed a great eco­nomic turn around and the progress and de­vel­op­ment was tak­ing the coun­try for­ward to a bright fu­ture at a fast pace. He was ad­dress­ing the Pak­istani com­mu­nity here dur­ing his two-day of­fi­cial visit to Qatar. Prime Min­is­ter Sharif shared de­tails of his meet­ings with the Qatari lead­er­ship and said they par­tic­u­larly lauded the role of Pak­istani com­mu­nity in the de­vel­op­ment and progress of Qatar. He said he was very proud to get a very pos­i­tive feed­back about the Pak­ista­nis who were work­ing with a com­mit­ment and hon­esty and us­ing their skills in re­spec­tive fields to bring a good name to their coun­try.

He said Pak­istan has strong ties with Qatar and wishes to fur­ther strengthen th­ese through en­hanced in­ter­ac­tion at all lev­els. The Prime Min­is­ter said Pak­istan's agree­ment to im­port LNG from Qatar was a land­mark deal and would help the coun­try meet its en­ergy needs. He said it would help Pak­istan gen­er­ate elec­tric­ity, pro­duce more fer­til­iz­ers and use it for do­mes­tic needs.

He said ac­cord­ing to the Brent rates the LNG deal would bring in gas worth US 15 bil­lion dol­lars, in the next 15 years on the best rates. He was ap­pre­cia­tive of the govern­ment of Qatar for pro­vid­ing the gas at very com­pet­i­tive rates to Pak­istan.

He said in his meet­ings he men­tioned that the bi­lat­eral trade needs to be in­creased from US 300 mil­lion to at least US one bil­lion an­nu­ally. He said the im­port of LNG would also boost trade fig­ures be­tween the two coun­tries. He said mea­sures were un­der­way to meet en­ergy short­age be­sides cut­ting down the tar­iff to ben­e­fit the con­sumers. He said it would help lower price of prod­ucts and make th­ese com­pet­i­tive in in­ter­na­tional mar­kets. He said for­eign ex­change re­serves to­day were at his­toric level and said when com­pared with the situ- ation three years back a turn around has been wit­nessed. The Prime Min­is­ter re­called his meet­ings with Pres­i­dent World Bank and other fi­nan­cial ex­perts who have par­tic­u­larly noted the pos­i­tive eco­nomic in­di­ca­tors. He said the se­cu­rity sit­u­a­tion in coun­try has im­proved af­ter the Zarb-e-Azb op­er­a­tion, which he said has bro­ken the back of the ter­ror­ists and said the op­er­a­tion would be taken to its log­i­cal con­clu­sion. He said the peo­ple of Karachi have also lauded the suc­cess of the op­er­a­tion against mis­cre­ants. The Prime Min­is­ter said the China Pak­istan Eco­nomic Cor­ri­dor will help the coun­try's econ­omy. The Gwadar air­port would be one of the most beau­ti­ful air­ports of the world, he added. He said his govern­ment was work­ing to im­prove ef­fi­ciency of PIA and it would be up­graded to com­pete with top in­ter­na­tional air­lines. Prime Min­is­ter Sharif said nu­mer­ous projects for power gen­er­a­tion were un­der­way and all sources like coal, so­lar, wind, ther­mal were be­ing used, with the help of China. He said the na­tion must keep in view the neg­li­gence of the pre­vi­ous gov­ern­ments that did not do their duty of gen­er­at­ing elec­tric­ity. He said the pre­vi­ous gov­ern­ments were duty bound to in­stall units for power gen­er­a­tion.

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