UAE, KSA investments to come through SIFC, says PM Shehbaz
- Remarks come during the 10th Executive Committee meeting of the SIFC
Prime Minister Shehbaz Sharif has said that the recent investment announcements from the United Arab Emirates (UAE) and Saudi Arabia will be carried through the Special Investment Facilitation Council (SIFC).
The remarks came during the 10th Executive Committee meeting of the SIFC on Saturday.
The SIFC expressed satisfaction with the government’s recent investment initiatives, as Pakistan eyes much-needed foreign inflows.
“The UAE has allocated $10 billion investment for Pakistan. Similarly, Saudi Arabia is also ready to invest. There is no delay from their side. Now we need to prepare to facilitate them.
“It is now all up to us.”
The SIFC session was attended by top officials, including Chief of Army Staff (COAS) Gen Asim Munir, Foreign Minister and Deputy Prime Minister Senator Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Chief Ministers of all four provinces.
CM Khyber Pakhtunkhwa Ali Amin Gandapur also attended the meeting, who was given a last-minute invite.
Earlier, Pakistan Tehreek-e-Insaf (PTI) blasted the federal government for not inviting the Khyber Pakhtunkhwa CM to the SIFC meeting.
Meanwhile, talking about his recent visit to Saudi Arabia and UAE, the prime minister shared that he has received positive responses about the SIFC.
“Today SIFC is playing a critical role in the economic development of Pakistan,” he said.
He said that the recently announced investments from Saudi Arabia and UAE would be carried out through SIFC. “Not only brotherly countries, but others as well are talking about this initiative,” he said.
“Let us resolve today in no uncertain terms that we will achieve our targets and transform Pakistan,” he pledged.
The Prime Minister admitted a serious dearth of experts and high-quality professionals and urged to revamp certain ministries. “I have directed ministries to hire relevant experts and consultants in this regard,” he said.
He shared that the government has hired McKinsey’s services to digitize the Federal Board of Revenue (FBR), and an agreement has been reached in this regard.
“Despite facing numerous hardships, we managed to become a nuclear power. Enhancing the country’s agriculture, industry, and export base is very achievable,” he said.
Economic ties with friendly nations: SIFC meeting discusses progress
The prime minister shared that Saudi businesses are willing to invest in Pakistan, however, the investment proposition should be bankable.
The premier said that the federal government is currently facing a severe liquidity crunch. “We do not have funds to spend or even conceive development projects,” he added.
While concluding his address, the PM pledged to work together for the prosperity of Pakistan.
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