ISLAMABAD: Federal Cabinet on Tuesday approved Hajj Policy 2025, besides significant decisions were made including potential power relief package for the winter, and economic initiatives aimed at stimulating growth.
Prime Minister Muhammad Shehbaz Sharif chaired the federal cabinet meeting.
According to the sources, following recent high-level discussions between Pakistan and Saudi Arabia, a Pakistani delegation has departed for the Kingdom to explore collaboration in mining, minerals, solar energy, and IT.
Prime Minister Shehbaz Sharif emphasised the importance of economic diplomacy, noting that his administration is leveraging partnerships with allies such as Saudi Arabia, the UAE, China, and the IMF to stabilise Pakistan’s economy.
During these discussions, Saudi Arabia pledged $2.8 billion in investments through 34 memoranda of understanding (MoUs) and agreements at the Future Investment Initiative conference, with Pakistan already advancing on five projects.
The prime minister outlined potential collaboration in the mines and minerals sector, along with solar energy, and stressed the need for a skilled IT workforce as per the requirements of Saudi Arabia and Qatar. He also asked the Ministry of IT to formulate a strategy to produce an internationally-competitive workforce.
In addition to Saudi partnerships, the prime minister highlighted agreements with Azerbaijan, with $2 billion in MoUs recently approved by Baku to enhance cooperation. “These are good signals, and it’s up to us now to maximize their benefits,” he added.
The Hajj Policy 2025 was also a central agenda item, setting Pakistan’s Hajj quota at 179,210 pilgrims to be equally divided between the government and private sectors. Pilgrims must be above the age of 12, with seats allocated through a computerised ballot.
The policy also reserves 1,000 seats for hardship cases and 300 for low-income workers registered with welfare institutions. The “Road to Makkah” initiative will be available at Islamabad and Karachi airports, and a new role, “Nazim,” has been created to oversee pilgrim welfare.
Economic relief was also discussed, with the prime minister indicating plans for a winter power relief package to assist citizens. He applauded the State Bank of Pakistan’s recent policy rate cut to 15 per cent, marking a decrease from 22 per cent, which will ease the national debt burden by Rs1.3 trillion and provide substantial fiscal space. He expressed optimism that economic stability measures were yielding positive results, encouraging investment, production, and exports.
The cabinet further approved the appointment of private members to the Public Private Partnership Authority Board, ratified a transition from LIBOR to SOFR for Pakistan’s foreign financing facility, and approved the Jammu and Kashmir State Property budget for FY 2024-25.
Additionally, a certification agreement between Karachi’s Directorate General of Ports and Shipping and the Marine Classification Society was sanctioned.
The federal cabinet meeting underscored the government’s dedication to stabilising the economy, ensuring welfare measures, and fostering international partnerships for sustainable growth.
Copyright Business Recorder, 2024