ISLAMABAD: Prime Minister Shehbaz Sharif on Friday emphasized the pivotal role of the private sector in driving economic development, asserting that a robust public-private partnership was essential for the country’s emergence as a strong global economy.
Sharif made these remarks during a meeting with presidents of chambers of commerce from across the nation, coinciding with the government’s announcement to present the next federal budget on June 10.
The government has consistently stressed the need for the private sector to lead in strengthening the national economy, assuring it of state support.
Sharif reiterated this stance, highlighting the necessity of collaboration between the government and private enterprises in the country.
“There is a need to mobilize the private sector to achieve economic self-reliance,” the Prime Minister’s Office quoted him as saying during the meeting.
“Protecting the rights of the Pakistani business community and providing them with a conducive environment for profitable business are among the top priorities of the government,” he continued.
Sharif also pledged to reduce the cost of doing business in Pakistan, noting that measures were being implemented to facilitate access to loans and reduce electricity prices.
Addressing tax compliance, he emphasized a zero-tolerance policy toward tax evasion. Pakistan has historically one of the lowest tax-to-GDP ratios in the region.
The government has tried to addressed the situation by reforming its tax collection body through increased automation to improve collection and compliance.
The official statement said the delegation of business leaders commended the government’s economic policies, citing gradual improvements in the national economy and business environment.
They also presented budget proposals for the upcoming fiscal year.
Pakistan is scheduled to release a comprehensive economic survey for the outgoing fiscal year on June 9, only a day ahead of the budget preparation.
PM Sharif tells business leaders private sector key to economy ahead of June 10 budget
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PM Sharif tells business leaders private sector key to economy ahead of June 10 budget
- The prime minister assures chambers of commerce representatives of his administration’s full support
- He promises to reduce cost of doing business in the country, highlights zero tolerance for tax evasion
Pakistan’s first female central bank governor dies at 71
- Shamshad Akhtar led the State Bank of Pakistan from 2006 to 2009 and later served twice as caretaker finance minister
- Finance Minister Muhammad Aurangzeb describes Akhtar as an accomplished economist and an outstanding human being
KARACHI: Shamshad Akhtar, Pakistan’s first woman to serve as governor of the central bank and one of the country’s most internationally experienced economic policymakers, died at the age of 71, officials said on Saturday.
Akhtar led the State Bank of Pakistan from 2006 to 2009, becoming the first and only woman to lead the institution since its establishment in 1948. She later served twice as caretaker finance minister, overseeing fiscal management during transitional governments ahead of the 2018 and 2024 general elections.
According to local media reports, Akhtar died of cardiac arrest.
President Asif Ali Zardari expressed sorrow over her passing in a statement.
“The president paid tribute to her services in the field of economics and financial management, noting her contribution to strengthening economic governance in the country,” the presidency said, adding that he extended condolences to the bereaved family and prayed for the departed soul.
Finance Minister Muhammad Aurangzeb described Akhtar as a highly accomplished economist and an outstanding human being.
“Dr. Shamshad Akhtar was a dignified, principled and wise voice in Pakistan’s economic history,” he said.
He said she served Pakistan with integrity and dedication across several senior economic roles, adding that her national service would always be remembered with respect.
At the time of her death, Akhtar was serving as chairperson of the Pakistan Stock Exchange, a role that placed her at the intersection of Pakistan’s monetary policy, fiscal management and capital markets.
Beyond Pakistan, she held senior positions at major international institutions, including the World Bank, the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific.
Born in Hyderabad, she was educated in Karachi and Islamabad and held advanced degrees in economics from institutions in Pakistan and the United Kingdom.
Akhtar was widely regarded as a technocrat known for institutional discipline, policy continuity and a strong commitment to economic reform.
With input from Reuters
