Pakistan

UAE, KSA investments to come through SIFC, says PM Shehbaz

  • Remarks come during the 10th Executive Committee meeting of the SIFC
Published May 25, 2024

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.

Comments

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NotSurprised May 25, 2024 06:38pm
Govt is run like Pakistani's personal lives. Showing off, talking much, interfering much, claiming a lot....but achieving next to nothing. Shahbaz sb, the honeymoon is over. Time to deliver!
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KU May 25, 2024 08:15pm
Lets hope it's not another cruel joke with Pakistan n people, n hopefully it will revive economy n not only 5 star hotels or more IPPs.
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A. Chak May 25, 2024 08:48pm
What are you going to 'invest ' the money in? Isn't that more important than what channel it come through?
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Az_Iz May 25, 2024 09:14pm
Even IK used to talk about big investment in the pipeline. This guy is doing the same. They try to make up for lack of progress with pie in the sky.
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Re=== May 25, 2024 09:54pm
What does it even mean coming through SIFC, does he understand what he is saying. Nikki asia is reporting that Pak owes China $15B power plant debt and is on the hook to pay $300 million in interest
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Ash Chak May 25, 2024 10:01pm
@test, Those 'investments', were actually loans for economically unviable projects. The reason why we have excess power but cannot afford it.
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Usman May 25, 2024 10:23pm
Keep imran in jail or he will creat chaos.he wont do good and wont let any one else do good for the nation.
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Usman May 25, 2024 10:24pm
@NotSurprised, hebhas delivered alot better than imran.with back to back monthky surpluses.not like where only claims were there but no action.
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Shoaib May 25, 2024 10:46pm
Bloated false claims with ZERO deliveries. SIFC is almost 2 years old and it failed to fetch anything from the world. Failed initiative of a failed government
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kashif May 26, 2024 02:50am
why would uae invest in pakistan when pakistanis are not investing in pakistan and infact investing billions in uae
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ali May 26, 2024 02:54am
umm is it going to be more power plants ?? we already owe $ 25 billion from cpec useless projects
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Zarzan khan May 26, 2024 09:23am
@Usman, IK only hope for this sinking ship. Release him and honour form 45.
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Zarzan khan May 26, 2024 09:25am
@Usman, IK growth rate 6.3%, shebaz 1.6%. Under SIFC every economic indicator is down.
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