Islamabad, Jan 1: Prime Minister Shehbaz Sharif emphasized the need for export-led growth to drive Pakistan’s economic development during a federal cabinet meeting in Islamabad on Wednesday. While highlighting the country’s achievement in reaching 97% of the December revenue collection target, the Prime Minister acknowledged the gap of Rs. 47 billion between the Rs. 1,373 billion target and the actual collection of Rs. 1,326 billion. The revenue shortfall for the first half of FY25 has reached Rs. 386 billion, signaling a need for further improvements in tax collection.
Despite these challenges, the Prime Minister expressed satisfaction with the country’s macroeconomic stability, stressing that it is now time to focus on growth. He also lauded the success of the Uraan Pakistan initiative, expressing optimism that it would herald positive change for the new year.
In terms of remittances, Prime Minister Sharif noted that Pakistan had received $15 billion in the first five months of the current fiscal year and expressed confidence that the figure could reach a historic $35 billion if the current pace continued.
The Prime Minister instructed that the details of public sector imports from Gwadar Port over the last three months be presented at the next cabinet meeting. The cabinet also gave its initial approval for amendments to Section 3(7) of the Pakistan Telecommunication (Reorganization) Act and recommended the approval of regulations for appointing Information Group officers as Press Officers at Pakistan’s diplomatic missions abroad, aiming for a more transparent and merit-based process.
In other decisions, the cabinet approved the registration of Liaquat University of Medical and Health Sciences in Thatta, the reconstitution of a committee to determine prices for life-saving medical equipment, and the National Food Safety, Animal and Plant Health Authority Bill, which will be sent to Parliament. Additionally, the cabinet ratified the decisions of the Cabinet Committee on Legislative Cases and the Economic Coordination Committee, but deferred the ratification of amendments to the Citizenship Act.
