Deputy Prime Minister Ishaq Dar on Tuesday highlighted Pakistan’s economic and diplomatic progress, emphasizing the government's shift towards economic diplomacy and attracting foreign investment.

Speaking at a special meeting of the federal cabinet, Dar recalled that when his party took over, Pakistan was facing diplomatic isolation alongside economic turmoil. However, he noted that Pakistan had successfully regained global recognition, becoming a non-permanent member of the UN Security Council and hosting a Shanghai Cooperation Organization (SCO) event for the first time in 27 years, last hosted under Nawaz Sharif’s leadership in 1997.

Economic diplomacy and foreign investments

Deputy PM Dar announced that Pakistan has secured $27 billion in foreign investment, with Saudi Arabia and other nations playing a key role. He assured that the government’s focus on economic diplomacy would further strengthen trade ties and attract global investors.

He also stressed that Pakistan is a nuclear and missile power and urged leveraging the country’s vast mineral resources for economic growth. The government's apex committee is working on exploring and utilizing oil and gas reserves, with significant progress already underway.

Terrorism and security concerns

Dar drew comparisons between the security situation in 2013 and 2018, pointing out that terrorism had significantly declined under the PML-N government but resurged due to decisions taken after 2018, including the release of terrorists. He reiterated the government’s commitment to eliminating terrorist elements and ensuring lasting peace.

Climate change and economic challenges

Calling climate change one of Pakistan’s biggest challenges, the Deputy PM stated that Pakistan is among the 10 most vulnerable countries. He emphasized the urgent need for sustainable environmental policies to combat this growing crisis.

Dar also assured that Nawaz Sharif’s vision of economic inclusivity in G20 would soon be realized.

Stock market growth and financial stability

Finance Minister Muhammad Aurangzeb highlighted Pakistan’s record-breaking economic milestones, including:

• Primary surplus at a 20-year high
• 52,000 new investors registered in the stock market
• Stock market growth of 71% in a year
• Historic debt buyback by the government
• Inflation down to 1.5%

He stated that the government was working seriously towards right-sizing and pension reforms. He also revealed plans to issue Panda Bonds in China’s financial market, expanding Pakistan’s international investment reach.

Energy sector feforms and electricity prices

Energy Minister Owais Leghari outlined the government’s achievements in the power sector, stating that when they took charge, electricity was priced at Rs48.70 per unit. Over the past year, the price has been reduced by Rs4 per unit, thanks to government efforts.

Other key energy reforms include:

• Formation of a task force on power sector issues
• Closure of 5 underperforming Independent Power Producers (IPPs)
• Review and restructuring of 14 IPP contracts

Leghari assured that providing affordable electricity remains a top priority for the government.