ISLAMABAD: Azerbaijan has committed to investing up to $3 billion in various sectors of Pakistan’s economy, marking a significant boost to the South Asian nation’s financial prospects. The announcement came during a recent cabinet meeting, where Prime Minister Shehbaz Sharif shared that Azerbaijan would sign memoranda of understanding (MoUs) to initiate investments worth between $2 billion and $3 billion, aimed at strengthening Pakistan’s economic framework.
In his remarks, PM Sharif also highlighted a new delegation’s visit to Riyadh, following his own trip to Saudi Arabia, to explore opportunities for economic cooperation in sectors like solar energy, mining, and information technology. He emphasized the growing demand for IT professionals in the Gulf region, especially Saudi Arabia, and instructed Pakistan’s Ministry of Information Technology to devise a strategy for producing a highly skilled workforce to meet international standards.
Sharif further discussed the recent 250-basis-point reduction in the policy rate by Pakistan’s central bank, bringing it down to 15%. This move, according to the prime minister, is expected to stimulate investment across industries, including agriculture, trade, and exports, while reducing the government’s debt burden by Rs1.3 trillion and creating fiscal space for future growth.
In terms of fiscal policy, the prime minister called for swift action in implementing the MoUs signed with Saudi Arabia and underscored the government’s efforts to tackle tax collection challenges. He stressed that tax evasion would be dealt with strictly, including actions against FBR officials who facilitated such practices.
Sharif also announced plans for a “winter package” aimed at providing relief to electricity consumers and reiterated that the government was working on further initiatives to strengthen the economy, create jobs, and improve the standard of living for Pakistan’s citizens.
Despite the economic challenges facing Pakistan, including meeting the International Monetary Fund’s (IMF) demands, Sharif expressed confidence in the nation’s resilience, assuring the cabinet that with patience and effort, the country would overcome its hurdles and continue to prosper.
