ISLAMABAD: Prime Minister Shehbaz Sharif on Friday expressed optimism about further economic improvements in Pakistan, citing the positive impact of a $7 billion loan facility from the International Monetary Fund (IMF), after the Pakistan Stock Exchange (PSX) crossed the historic 90,000-mark earlier in the day.
The KSE-100 index surged 1,141 points, or 1.25 percent, to reach an all-time high of 90,087 during intra-day trading before closing just below the milestone at 89,993.96 points, up by 1,047.98 points, or 1.16 percent, from the previous close. Analysts attributed the bullish sentiment to rising investor confidence, reflecting improvements in the country’s economic indicators.
The prime minister also highlighted the market’s performance as a reflection of his administration’s economic policies since assuming power after the February 8 general elections this year.
“By the grace of Allah, the gradual rise in the stock market since March 2024 reflects investors’ confidence in the government’s policies,” said Sharif in a statement. “This sharp rise in the stock market, after 14 years, is a result of the tireless efforts of the economic team.”
“The $7 billion long-term facility from the IMF will bring further improvement to the economy,” he added.
Sharif noted that his administration’s economic measures, including a reduction in the inflation rate from 38 percent to 6.9 percent, have set the country on a path of sustained recovery.
He also highlighted that the PSX had surged by 36 percent since March, reflecting gradual financial stability.
“I am hopeful that in the coming days, there will be more good news regarding economic improvements,” he added.
Pakistan PM optimistic about economic progress as stock market breaches 90,000 points
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Pakistan PM optimistic about economic progress as stock market breaches 90,000 points
- Shehbaz Sharif says the $7 billion long-term IMF facility will further bring improvement to the economy
- He says the stock market has surged by 36 percent since March, reflecting gradual financial stability
Qatar, Pakistan resolve to boost strategic, economic cooperation at Doha talks
- Both countries urge dialogue on Afghanistan amid renewed border tensions between Islamabad and Kabul
- Discussions focus on bilateral trade and investment, energy, defense, manpower and labor and culture
ISLAMABAD: Pakistan and Qatar on Tuesday agreed to deepen their strategic and economic cooperation during high-level talks between Prime Minister Shehbaz Sharif and his Qatari counterpart Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Sharif’s office said.
Sharif visited Qatar along with a high-level delegation on the invitation of Qatari emir Sheikh Tamim bin Hamad Al Thani. The Pakistani premier also held meetings with Qatar’s trade and defense ministers to discuss cooperation in various domains.
The visit came at a time when Pakistan is seeking closer economic engagement with Gulf partners amid its broader push to stabilize the economy and attract investment, while maintaining security and defense cooperation with key regional states.
During their meeting in Doha, PM Sharif and Qatar’s Sheikh Mohammed discussed bilateral relations and exchanged views on regional and international developments, according to the Pakistan prime minister’s office.
“They reaffirmed the strong brotherly relations between Pakistan and Qatar and expressed satisfaction at the growing momentum in political, economic and institutional ties,” Sharif’s office said.
“Discussions focused on enhancing cooperation in the fields of trade and investment, energy, defense, manpower and labor and culture, with both sides stressing the importance of their task force to accelerate cooperation in all these areas.”
Pakistan and Qatar maintain strong trade and investment ties. In 2022, the office of Qatar’s emir said the Qatar Investment Authority planned to invest $3 billion in Pakistan, targeting sectors including transport, aviation, education, health, media, technology and labor.
Nearly 300,000 Pakistanis live and work in Qatar, according to Pakistan’s foreign office, with many employed in health, education, engineering and public services, as well as construction and transport. The two countries engage through forums such as the Bilateral Political Consultations and the Joint Ministerial Commission.
Sharif said he had productive discussions with Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, on how the two sides could transform their brotherly ties into mutually beneficial economic relationships.
“We also took stock of the regional situation,” he said on X. “Pakistan and Qatar will continue to work together for peace and stability in the region and beyond.”
DIALOGUE WITH AFGHANISTAN
Earlier, Sharif and Qatar’s Deputy PM Sheikh Saoud Al-Thani discussed the situation in Afghanistan and called for dialogue to support regional stability.
The meeting took place amid renewed tensions after Islamabad carried out airstrikes last week on what it described as Tehreek-e-Taliban Pakistan (TTP) targets inside Afghanistan. Kabul said the strikes killed civilians and vowed to respond to what it called a violation of its sovereignty.
“Regional developments were also discussed, in particular the situation in Iran and Afghanistan,” Sharif’s office said in a statement. “Both sides emphasized the importance of dialogue, de-escalation and collective efforts to promote peace and stability in the region.”
This was the second time in less than six months that Pakistan conducted airstrikes in Afghanistan. The last strikes triggered heavy, weeklong clashes between the neighbors along their border before Qatar and Turkiye mediated a ceasefire between them in Oct. last year.
Separately, Sharif held meetings with Qatar’s State Minister for Trade Dr. Ahmed bin Mohammed Al-Sayed and a delegation of the Qatar Businessmen Association (QBA), highlighting Pakistan’s investment-friendly reforms.
He invited QBA members to explore opportunities in infrastructure, logistics, energy, agriculture, technology and export-oriented manufacturing, his office said.
