Prime Minister Shehbaz Sharif has emphasized that securing the second tranche of around $1 billion from the International Monetary Fund (IMF) is crucial for Pakistan’s economic stability. He credited the government’s relentless efforts and IMF support for the country’s recent macroeconomic progress.

While presiding over a federal cabinet meeting on Tuesday, the premier addressed key national concerns, including economic development, counterterrorism, and governance reforms. He acknowledged the resurgence of terrorism in certain areas of Khyber Pakhtunkhwa and Balochistan, vowing that the government would not rest until the threat was completely eradicated.

Sharif urged the newly appointed cabinet members to actively contribute to the nation’s development, asserting that their inclusion would enhance government performance. He stressed the need for rapid economic progress and called for a complete revival of Pakistan Railways. He also highlighted the Maritime Affairs Ministry’s untapped potential to boost the economy.

To ensure efficient governance, the prime minister announced a quarterly performance review of all ministries. He instructed ministers and secretaries to come well-prepared for these assessments.

Discussing economic indicators, Sharif noted a surge in foreign remittances, which have exceeded $3.1 billion. He emphasized the need to complement this growth with an increase in exports. Additionally, he announced plans to establish a Danish University using the £190 million recovered from the UK’s National Crime Agency (NCA).

Key Cabinet Decisions:

• Price Monitoring: The Minister for Planning, Ahsan Iqbal, updated the cabinet on monitoring essential commodity prices during Ramadan. The prime minister commended the efficiency of the federal capital’s price control committee.
• Education: The cabinet approved the Directorate of Religious Education as an affiliated body under the Ministry of Federal Education.
• Cybersecurity Collaboration: Pakistan will strengthen cybersecurity ties with China through an MoU between the National Cyber Emergency Response Team and China’s cybersecurity coordination center. This agreement will facilitate cyber-attack prevention, intelligence sharing, and cybersecurity training.
• IT Development: Pakistan’s National Incubation Center in Islamabad will serve as an ITU Accelerator Center under a new agreement with the UN’s International Telecommunication Union (ITU).
• Maritime Affairs: Syed Jarrar Haider Kazmi was appointed as CEO of Pakistan National Shipping Corporation. The cabinet also extended the secondment tenure of Commodore Rizwan Ali Munawwar as Commandant of the Pakistan Marine Academy.
• Human Resource Development: Engineer Syed Mussarat Hussain was appointed as CEO of Pakistan Real Estate Investment & Management Company (Pvt) Ltd.

The meeting also ratified decisions made in the Economic Coordination Committee (February 20) and the Cabinet Committee on Legislative Cases (March 4).

The prime minister underscored that Pakistan’s future hinges on economic growth, which can be achieved by boosting productivity in key sectors, including agriculture, trade, finance, information technology, mining, and maritime industries.