ISLAMABAD – The coalition government has decided to establish a SpecialInvestment Facilitation Council (SIFC) to attract foreign investment withPakistan Army giving a formal role.
During a high-level meeting, Prime Minister Shehbaz Sharif informed theparticipants about the decision. The meeting was attended by Chief of ArmyStaff Gen Asim Munir, federal and provincial ministers, and otherhigh-level government officials.
The Pakistan Army has been given a formal seat at the economic table as itwill be national coordinator for both apex and executive committees ofSIFC. Furthermore, army chief will be member of apex committee while armyofficial will be appointed as director general of implementation committee.
The decision to focus on foreign direct investment was made as the SouthAsian country faces economic challenges amid delay in revival of the IMFloan programme.
Taking to Twitter on Wednesday, PM Shehbaz said he has fervently advocateda unified approach to steer the country out of the economic challenges andput it on a path to sustainable growth.
In his tweets on Wednesday, he said employing a whole of the governmentapproach, the coalition government has decided to set up SIFC with amandate to frame economic policies that ensure policy predictability,continuity and effective implementation to revive the economy.
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Shehbaz Sharif said the need for a representative forum has long been feltgiven the scale of the economic challenges caused by internal and externalfactors.
He said the textbook approach to deal with a unique set of problems is notworkable anymore. He said there is a reason to leverage collective wisdomto kick start the economy to make itself reliant, export driven, robust andcapable of withstanding external shocks and upheavals.
The premier said creative ideas offer the solution to our economic problems.
