PM summons special cabinet meeting to boost economic cooperation

ISLAMABAD: Prime Minister Shehbaz Sharif summoned a special session of the federal cabinet on Thursday (today) with discussion expected to centre on important agreements and memorandums of understanding (MoUs) involving the Special Investment Facilitation Council (SIFC) and other international actors.

The SIFC was recently formed with an aim of promoting investment in the country. It acts as a platform to streamline procedures for both, local and foreign investors, and tackle bureaucratic obstacles that frequently hinder investment initiatives.

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By creating a more favourable environment for investment, the SIFC is aimed at stimulating economic growth and generate economic opportunities badly needed in the cash-starved country.

During the cabinet meeting, the govemrent is likely to endorse several MoUs and agreements that could heavily improve Pakistan’s economic framework.

The agreements most likely cover different sectors including infrastructure development, energy, technology, and trade.

With the country grappling with several economic challenges, including double-digit inflation and a rising fiscal deficit, securing foreign investment in particular is critical for stabalising the economy. 

Pakistan cannot keep relying on international money lenders to keep the economy on a ventilating machine indefinitely.