Prime Minister Muhammad Shehbaz Sharif expressed dissatisfaction with the performance of the Special Technology Zones Authority and formed a committee, led by Finance Minister Ishaq Dar, to make the Authority operational. During a high-level meeting in Islamabad, he stated that wasting existing resources in the country is not tolerable.
The committee will include the Ministers of Information Technology, Law, and Investment, the Advisor to the Prime Minister, Ahad Cheema, Senator Afnanullah, and the Chairman of the CDA. The Prime Minister instructed the committee to submit recommendations for activating the Authority within a week and directed that the Board of Governors be activated, with the presence of experts. The Prime Minister was informed that 400 companies are currently registered in the Special Technology Zones, with 63% being Pakistani and the rest from China, the United States, Turkey, and other countries.
The Prime Minister was informed that of the 400 companies registered in the Special Technology Zones, 63% are Pakistani and the rest are from China, the United States, Turkey, and other countries. The meeting was also updated on the Board of Governors of the Authority and other relevant issues. The Prime Minister emphasized the importance of focusing on technology development, which is the main objective of the Authority, rather than investing in plots.
He declared that he will not tolerate any further delays in reforms and the activation of the Special Technology Zones Authority. He mentioned that the PML-N government, during its tenure, established the foundation for imparting IT skills to the youth, increasing IT exports, and providing livelihood opportunities through laptops given to the youth during the global COVID-19 pandemic.
The head of research at Arif Habib Limited (AHL), Tahir Abbas, has suggested that instead of restructuring its foreign debt, the Pakistani government should opt for re-profiling it. Re-profiling will help the government extend the repayment period by four to five years from bilateral and commercial creditors, including China, Saudi Arabia, and the United Arab Emirates.
The country is expected to repay around $80 billion in foreign debt over the next three and a half years, however, its foreign exchange reserves are currently at an alarming level of less than three-week import cover, at $3.1 billion. The government is expected to reach staff level agreement with the IMF in a couple of days and receive a $1.1 billion loan tranche.
