ISLAMABAD: Prime Minister Shehbaz Sharif has welcomed improvements in key economic indicators, saying a significant increase in remittances reflects the confidence of overseas Pakistanis in the country’s economy.
In a statement on the monthly economic outlook report, Shehbaz said remittances rose from $6.3 billion in July and August to more than $7.3 billion. Remittances in August also increased 16.5% from a year earlier, which he described as encouraging.
The prime minister said overseas Pakistanis were a valuable national asset and praised their contribution through remittances.
He said a 4% increase in exports was an encouraging development and that the government was taking steps to facilitate exporters and small and medium-sized enterprises.
Shehbaz said a reduction in the current account deficit and an increase in foreign direct investment reflected progress toward economic stability.
According to the monthly economic outlook, the government also reported an 80.2% increase in total foreign investment during July and August.
Shehbaz said the increase reflected growing investor confidence and reiterated that the government was working to provide a conducive environment for economic activity.
The prime minister said Pakistan’s foreign exchange reserves had reached $26.8 billion, describing the increase as an improvement in the country’s external sector.
He also welcomed a 3.03% increase in large-scale manufacturing output in July, saying it indicated an improvement in economic activity.
Shehbaz said increased agricultural lending was important for supporting farmers and developing the agriculture sector. He also noted that company registrations rose 38.8% in July to 10,199.
The prime minister said the government would continue implementing economic reforms and policies aimed at strengthening growth, investment and business activity.
He added that reforms would be accelerated to build a stronger, stable and sustainable economy while creating more opportunities for jobs and businesses.
