ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday stressed the need for balance across all economic policies to revive Pakistan’s export potential, saying his government wanted to take the country back to a place where its products were once again in global demand.
The remarks came during a meeting with Dr. Stefan Dercon, a prominent British economist and professor of economic policy at Oxford University.
Dercon, who previously served as the UK Department for International Development’s (DFID) chief economist, is widely recognized for his work on poverty, institutional reform and economic development in low- and middle-income countries.
“A sound balance across all policies is essential to promote business,” the prime minister was quoted as saying in an official statement circulated by his office. “For Pakistan’s economic development, alignment between fiscal policy, taxation policy and production policy is necessary.”
“In the past, Pakistani products were in high demand globally and the country was counted among the world’s major exporters,” he continued. “We want to bring Pakistan back to that place.”
Sharif’s meeting with the British economist took place at a time when Pakistan seeks to strengthen its economy through increased exports and foreign investment, following signs of stabilization under an IMF-supported economic program.
He maintained that deep-rooted reforms were required to transition the national economy back toward export-led growth.
Dercon praised the direction of Pakistan’s economic policy and reform agenda, noting improving investor sentiment toward the country.
He particularly lauded Pakistan’s tariff rationalization efforts, which aim to simplify and streamline import duties to support industrial competitiveness.
The meeting was also attended by top members of the government’s economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal and senior officials from relevant departments.
PM Sharif calls for economic policies to revive Pakistan’s export competitiveness
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PM Sharif calls for economic policies to revive Pakistan’s export competitiveness
- The PM outlines the goal during a meeting with Dr. Stefan Dercon, a prominent British economist
- He calls for deep-rooted reforms to steer Pakistan’s economy back toward export-led growth
ADB, Pakistan sign over $300 million agreements to undertake climate resilience initiatives
- Pakistan ranks among nations most vulnerable to climate change and has seen erratic changes in weather patterns
- The projects in Sindh and Punjab will restore nature-based coastal defenses and enhance agricultural productivity
ISLAMABAD: The Pakistani government and the Asian Development Bank (ADB) have signed more than $300 million agreements to undertake two major climate resilience initiatives, Pakistan’s Press Information Department (PID) said on Tuesday.
The projects include the Sindh Coastal Resilience Sector Project (SCRP), valued at Rs50.5 billion ($180.5 million), and the Punjab Climate-Resilient and Low-Carbon Agriculture Mechanization Project (PCRLCAMP), totaling Rs34.7 billion ($124 million).
Pakistan ranks among nations most vulnerable to climate change and has seen erratic changes in its weather patterns. In 2022, monsoon floods killed over 1,700 people, displaced another 33 million and caused over $30 billion losses, while another 1,037 people were killed in floods this year.
The South Asian country is ramping up climate resilience efforts, with support from the ADB and World Bank, and investing in climate-resilient infrastructure, particularly in vulnerable areas.
“Both sides expressed their commitment to effectively utilize the financing for successful and timely completion of the two initiatives,” the PID said in a statement.
The Sindh Coastal Resilience Project (SCRP) will promote integrated water resources and flood risk management, restore nature-based coastal defenses, and strengthen institutional and community capacity for strategic action planning, directly benefiting over 3.8 million people in Thatta, Sujawal, and Badin districts, according to ADB.
The Punjab project will enhance agricultural productivity and climate resilience across 30 districts, improving small farmers’ access to climate-smart machinery, introducing circular agriculture practices to reduce residue burning, establishing testing and training facilities, and empowering 15,000 women through skills development and livelihood diversification.
Earlier this month, the ADB also approved $381 million in financing for Pakistan’s Punjab province to modernize agriculture and strengthen education and health services, including concessional loans and grants for farm mechanization, Science, Technology, Engineering and Mathematics (STEM) education, and nursing sector reforms.
