Azerbaijan has committed to investing up to $3 billion in various sectors in Pakistan, a move that aims to bolster the South Asian nation’s economy.
According to media reports, Prime Minister Shehbaz Sharif shared this development during a recent cabinet meeting, emphasizing the significance of the investment for Pakistan’s financial stability.
He informed the cabinet that Azerbaijan had agreed to sign memoranda of understanding (MoUs) for the investments, which would support Pakistan’s economic growth.
Additionally, he highlighted progress in discussions with Saudi Arabia regarding cooperation in sectors such as solar energy, mining, and information technology.
The PM noted Saudi Arabia’s rising demand for IT professionals, stating that Pakistan could fill this gap with minimal investment. He directed the Ministry of Information Technology and Telecommunication to prepare a strategy to develop a skilled IT workforce meeting global standards.
The prime minister also expressed satisfaction with the State Bank of Pakistan’s recent decision to reduce the policy rate by 250 basis points to 15%, describing it as a crucial step toward encouraging investments and fostering growth in industrial, agricultural, and export sectors.
He pointed out that the reduction in the policy rate not only decreased the government’s debt burden by Rs1.3 trillion but also created fiscal space by lowering borrowing costs. Sharif stressed that the policy measures were beginning to show results, with inflation dropping and investments increasing.
Discussing taxation, the PM called taxpayers “true patriots” and directed the Federal Board of Revenue (FBR) to treat them with utmost respect. However, he warned against leniency for tax evaders and FBR officials complicit in such practices.
Sharif also announced plans to introduce a “winter package” to provide relief to electricity consumers. He commended the efforts of the power and finance ministries for their work on the initiative.
He concluded by reiterating the government’s focus on job creation, economic reforms, and public relief measures while assuring the cabinet that Pakistan would overcome its economic challenges through collective resilience and strategic planning.
