ISLAMABAD: Pakistan’s top investment body reviewed the country’s economic engagements with Middle Eastern states on Wednesday, focusing on mechanisms to implement recently signed memoranda of understanding (MoUs) and agreements in the region at the earliest.
The Special Investment Facilitation Council (SIFC), a civil-military hybrid forum, was established in July last year to fast-track decision-making and promote investment from foreign nations, particularly from the Gulf countries.
The council has helped the country sign billions of dollars of deals with countries like the United Arab Emirates and Kuwait where Pakistan’s official delegation was led by Caretaker Prime Minister Anwaar-ul-Haq Kakar in November while looking for economic opportunities and foreign investment.
Kakar also chaired the 8th meeting of SIFC’s Apex Committee to examine progress on projects carried out in key economic sectors and determine plans for timely realization of the envisaged investments.
“The Committee appreciated the enhancing level of economic engagements with friendly countries including finalization of Bilateral Investment Treaty with Kingdom of Saudi Arabia and Qatar as well as signing of MoUs and Framework Agreements with United Arab Emirates and State of Kuwait respectively,” said an official statement released by the Prime Minister’s Office after the meeting.
“The forum gave directions to convert these sovereign commitments into economic reality at fast pace,” it added.
The SIFC reviewed progress on various measures taken by the government to improve the investment climate while approving policy level interventions, such as strengthening of domestic dispute resolution mechanism, to facilitate investors.
It also examined progress on privatization process and appreciated the collaborative approach of various stakeholders.
The participants of the meeting expressed firm resolve to act against smugglers, hoarders and market manipulators, saying such elements had negatively impacted the country’s economic trajectory.
Chief of Army Staff General Asim Munir, who is part of the committee, assured the unwavering support of the armed forces to help the government in its endeavor to strengthen the national economy.
The prime minister directed all stakeholders to vigorously pursue various SIFC initiatives to ensure their accomplishment within the stipulated timeframe.
Pakistan’s investment body reviews economic progress, seeks swift implementation of Middle East deals
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Pakistan’s investment body reviews economic progress, seeks swift implementation of Middle East deals
- Special Investment Facilitation Council helped Pakistan sign billions of dollars of deals with Kuwait, UAE last year
- The SIFC reviewed progress on various measures taken by government to improve Pakistan’s investment climate
Pakistan orders four-day workweek, shuts schools to save fuel amid Middle East oil crisis
- The development comes as ongoing US-Israeli strikes on Iran disrupt oil supplies in Strait of Hormuz, push prices past $119 a barrel
- Islamabad bans government purchases, cuts fuel allocation for vehicles as well as workforce in public and private offices by 50 percent
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday announced austerity measures, including a four-day work week, cuts in government expenditures and closure of schools, to offset the impact of rising global oil prices due to an ongoing conflict in the Middle East.
Global fuel supply lines have been disrupted in the Strait of Hormuz, which supplies nearly a fourth of world oil consumption, after Tehran blocked it following United States-Israeli strikes on Iran and counterattacks against US interests in the Gulf region.
Oil prices surged more than 25 percent globally on Monday to $119.50 a barrel, the highest levels since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
In his televised address on Sunday night, Sharif said global oil prices were expected to rise again in the coming days but vowed not to let the people bear their brunt, announcing austerity measures to lessen the impact of fuel price hikes.
“Fifty percent staff in public and private entities will work from home,” he announced, adding this would not be applicable to essential services. “Offices will remain open for four days a week. One-day additional off is being given to conserve oil, but it would not be applicable to banks.”
Sharif didn’t specify working days of the week and the government was likely to issue a notification in this regard.
He said a decrease of 50 percent was being made in fuel allocation for government vehicles immediately for the next two months, but they would not include ambulances and public buses.
“Cabinet members, advisers and special assistants will not draw salaries for the next two months, 25 percent salaries of parliamentarians are being deducted, two-day salaries of Grade 20 and above officers, or those who are paid Rs300,000 ($1,067) a month, are being deducted for public relief,” he said.
Similarly, there will be 20 percent reduction in public department expenses and a complete ban on the purchase of cars, furniture, air conditioners and other goods, according to the prime minister.
Foreign trips of ministers and other government officials will also be banned along with government dinners and iftar buffets, while teleconferences and online meetings will be given priority.
“All schools will be off for two weeks, starting from the end of this week, and all higher education institutions should immediately begin online classes,” he said.
Sharif’s comments were aired hours after Pakistani authorities said the country had “comfortable levels” of petroleum stocks and the supply chains were functioning smoothly, despite intensifying Middle East conflict.
Petroleum Minister Ali Pervaiz Malik said three oil shipments were due to reach Pakistan this week, state media reported.
Meanwhile, Pakistan Navy (PN) launched ‘Operation Muhafiz-ul-Bahr’ to safeguard national energy shipments, the Pakistani military said on Monday, amid disruptions to critical sea lanes due to the conflict.
The navy is conducting escort operations in close coordination with the Pakistan National Shipping Corporation (PNSC), according to the Inter-Services Public Relations (ISPR), the military’s media wing. It is fully cognizant of the prevailing maritime situation and is actively monitoring and controlling the movement of merchant vessels to ensure their safe and secure transit.
“With approximately 90 percent of Pakistan’s trade conducted via sea, the operation aims to ensure that vital sea routes remain safe, secure, and uninterrupted,” the ISPR said on Monday. “Currently, PN ships are escorting 2 x Merchant Vessels, one of which is scheduled to arrive Karachi today.”
