Pakistan no long faces default risk, ready for economic reforms: PM

ISLAMABAD: Prime Minister Shehbaz Sharif has laid the foundation stone of Islamabad Model Special Economic Zone (SEZ). The zone is under CPEC at T chowk near Rawat and is first such facility in the federal capital.

Spanning over 1,000 acres of prime industrial land at the junction of N-5 and Islamabad Expressway, the zone will have investment worth $2.5 billion and will create 1,000 new employment opportunities. Besides, it will have low carbon footprint industry in the country.

Addressing the ceremony, PM Shehbaz Sharif said the country is faced with daunting challenges but together we will overcome these. He said all stakeholders must agree on a charter of the economy to ensure the continuity of policies for a stable economy.

The prime minister lamented the delay in the China-Pakistan Economic Corridor (CPEC) projects during the last four years of Pakistan Tehreek-e-Insaf (PTI) tenure.

He said that the agreement with the International Monetary Fund (IMF) was signed with the efforts of the incumbent government. PM Sharif said that the government will not violate agreements like the previous government.

The premier said that the country has overcome the default risk and economic reforms will be introduced in the country.

PM Sharif said that the economic zones are being established to attract investments. He suggested leasing the economic zones’ land to the businesspersons.

Earlier, Minister for Planning and Development Ahsan Iqbal said the Special Economic Zones will be powerhouses for generating exports and increasing them to 100 billion dollars in the next few years.

He said we have talked to China for an exchange of expertise to successfully run these Special Economic Zones (SEZs).