Positive progress is being made on the economic front: Dr. Shahid


Saudi investment plans are a welcome development: Former President of ICCI
Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Friday that the investment climate in Pakistan is improving, which is restoring the confidence of local and foreign investors.
He said that fears of bankruptcy in the country are almost over as the economic situation is improving, which may lead to a reduction in interest rates.
Administrative measures against hoarders and profiteers are necessary to reduce the prices of essential commodities and provide relief to the masses, he added.
Shahid Rashid Butt said in a statement issued here that the visit of the Prime Minister to Saudi Arabia has remained fruitful, and there is a possibility of an investment of five billion dollars.
He said the economy is improving, international institutions are satisfied, inflation is decreasing, and an interest rate cut seems in sight.
The process of privatizing loss-making enterprises is going well, while the boom in the stock market is also proof of investor confidence.
Shahid Rashid Butt said that the decision by Saudi Arabia to invest in Reko Diq is also welcome and will have a positive impact on the economic situation.
He also lauded the Prime Minister’s move to contact his Kuwaiti counterpart with the aim of boosting economic cooperation. Prime Minister Shehbaz Sharif held a telephone conversation with his Kuwaiti counterpart Sheikh Mohammad Sabah Al Salem Al Sabah, stressing the significance and need to promote economic cooperation and trade between the two brotherly countries.
He said that the decades-long energy crisis has shaken the country’s economy. This affects the growth rate every year. The continuous increase in the price of electricity, gas, and fuel has not helped, so the present government should accept it as a challenge and rid the country of this problem.
He lauded the government’s decision to provide relief to inflation-stricken masses by reducing electricity prices for April’s power bills.
The per-unit price of electricity fell by Rs3.83 in April. He informed that the overall reduction is due to the quarterly and fuel price adjustments in dollar terms.
He said the fuel price adjustment has been reduced to Rs4.92 from Rs7.6 for April, and the quarterly adjustment has come down to Rs2.75 from Rs4.43.