Prime Minister Muhammad Shehbaz Sharif on Friday said that significant growth in the country’s GDP in first quarter (Jul-Sept) of current fiscal year was encouraging, pointing out that the government had brought the country from the brink of default to economic stability.
Chairing a meeting of the Federal Cabinet at the PM House, the prime minister emphasized that soon after assuming the charge, the incumbent government had resolved that loss-making state-owned enterprises would be privatized. “The privatization of PIA is an extremely important milestone in this regard.”
He stated that the privatization of loss-making state-owned enterprises was part of the government’s vision for economic reforms.
He expressed satisfaction that the privatization of 75% shares of PIA was completed with great success and the bidding process remained extremely transparent.
Furthermore, he described his recent meetings with President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, as extremely beneficial in the context of bilateral relations and mutual consultation.
The prime minister further said that a day earlier, he had a pleasant telephone conversation with Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, in which satisfaction was expressed over the pace of economic and strategic relations between the two countries.
The prime minister said that discussions were also held regarding further broadening the relations.
On the occasion, the prime minister also congratulated the members of the federal cabinet on the New Year and extended good wishes.
The cabinet endorsed the decisions made in the meeting of the Cabinet Committee for Legislative Cases on December 30, 2025, which also includes confirmation of action regarding the Islamabad Capital Territory Local Government (Amendment) Ordinance, 2025.
The cabinet also endorsed the decisions made in the meeting of the Cabinet Committee for Legislative Cases on December 3, 2025.
The cabinet also approved the decisions made in the meeting of the Economic Coordination Committee on August 26, 2025, which also includes approval of the decision regarding providing relief to consumers of electricity distribution companies concerning the Off-Grid (Captive Power Plant) Levy and formulating a strategy in this regard.
The cabinet approved action for the issuance of a Presidential Ordinance to amend the Off-Grid (Captive Power Plants) Levy Act 2025, regarding the sale of gas to off-grid captive power plants by a Third Party, on the recommendation of the Petroleum Division.
Earlier, Shehbaz Sharif expressed satisfaction over the crossing of Stock Exchange 100 Index above 179,000 points.
He said crossing of Pakistan Stock Exchange above historic level was a reflection of confidence of business community and investors in government policies.
“Country’s journey of development continues due to hard work of economic team,” he said adding, “Efforts of economic team to improve country’s economic direction and take it on a path of development are commendable.”