PM Shehbaz pledges to use oil price decline to fuel national growth
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Prime Minister Shehbaz Sharif chairs a high-level meeting to review progress on the government’s wide-ranging reforms in the maritime sector on Monday. —APP
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Prime Minister Shahbaz Sharif said on Monday that the government was working with a strategy to eliminate economic challenges and pursue national growth globally.
The Prime Minister presided over a meeting to review the progress of the government’s wider reforms in the maritime sector, saying, “The recent decline in oil prices globally provides a valuable opportunity, and we are working to utilize its long -term benefits for Pakistan’s economy.”
According to Reuters reports, the oil has been around 3 % due to its weakening on Monday since 2021, while most of the commodity markets, including metals and coffee, have given rise to problems on the demand for raw materials in the trade war between the United States and China. According to analysts, commodities are on the verge of eliminating these tariff concerns about development and demand.
Last week, Premier said in a statement that Pakistan would also use the amount saved from low oil prices to help the power sector.
Addressing the meeting, he noted that the reduction of electricity revenue of about Rs 7.5 per unit is a direct result of the concentrated task of a dedicated task force on reform of the energy sector.
He said, “The reduction in electricity prices is a great support not only for households but also for all sectors such as agriculture, trade, trade, and industry. It will reduce the cost of production, improve local manufacturing, create jobs and increase exports.”
He said that structural reforms are central to the government’s economic strategy, which has already strengthened Pakistan’s economic indicators.
During the meeting, he said that the same results based on the same results are being used in the maritime sector, adding that reforms in the maritime and energy sectors are to promote trade, reduce costs and unlock Pakistan’s economic capacity.
He emphasized that comprehensive efforts are underway to change Pakistan’s port infrastructure, smooth customs works, and to strengthen the country’s maritime economy for long -term national gain.
He welcomed the task force on maritime reforms for its diligent work and praised his efforts in preparing a comprehensive set of recommendations to eliminate stagnation in the field for decades.
The Prime Minister said, “Pakistan has been awarded a long coast and widespread maritime resources. With proper reforms, we can unlock immense economic potential and bring our ports to global competitive standards.”
The meeting reviewed a detailed offer on the roadmap for reforms in the sector.
Participants were briefed on the introduction of the Pakistan Maritime Port Act, combining rules and regulations at all ports, and establishing a national dreading plan, including the formation of a national dreading company to serve ports across the country.
The forum also discussed the modernization of the Pakistan National Shipping Corporation (PNSC) through a 25 -year rehabilitation project and the inclusion of the private sector through public private partnerships.
The meeting was informed that an effective waste waste plant has been set up in Gadani for chemical and industrial waste management.
The Prime Minister directed the concerned authorities to accelerate the installation of modern scanning system on all ports and accelerate the customs clearance method, especially in red and yellow channels.
He also directed that a plan should be prepared to liberate the port space and improve efficiency for a long time to auction the containers.
The task force also briefed the forum on conducting financial, HR and performance audits at national ports. Increase training and human resources development in Karachi Port Trust; And review the trade prices to increase the competitiveness of Pakistani ports.
The Prime Minister acknowledged the dedication of the Maritime Task Force and other stakeholders involved in developing the reform agenda.
He confirmed that maritime resources are the key to global trade and Pakistan’s economic future, adding that timely action is necessary to stay competitive in a developing global market.
The meeting was attended by Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Chief of Army Staff General Syed Asim Munir, Federal Ministers Khaja Mohammad Asif, Ehsan Iqbal, Azir Nazar Tarar, and other senior of the senior ministers, Janwar, Prime Minister Shah, institution.
