• Claims govt pulled country back from brink of default
• Highlights PIA privatisation as major reform milestone
• Expresses satisfaction over economic and strategic ties with Saudi Arabia

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday said that significant growth in the country’s GDP during the first quarter (July-Sept) of the current fiscal year was encouraging, noting that the government had steered Pakistan from the brink of default towards economic stability.

Chairing a meeting of the federal cabinet at the Prime Minister’s House, he said that soon after assuming office, the incumbent government resolved to privatise loss-making state-owned enterprises.

“The privatisation of Pakistan International Airline (PIA) is an extremely important milestone in this regard,” he said, adding that the move was part of the government’s broader vision for economic reforms.

The prime minister expressed satisfaction over the successful privatisation of 75 per cent shares of PIA, stating that the bidding process remained extremely transparent.

He also described his recent meetings with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan as highly beneficial for bilateral relations and mutual consultation.

The prime minister said that a day earlier he had a pleasant telephone conversation with Saudi Crown Prince and Prime Minister Mohammed bin Salman, during which both sides expressed satisfaction over the pace of economic and strategic cooperation between Pakistan and Saudi Arabia.

He added that discussions were also held on further broadening bilateral relations.

On the occasion, the prime minister congratulated members of the federal cabinet on the New Year and extended his best wishes.

The cabinet endorsed the decisions taken in the meeting of the Cabinet Committee for Legislative Cases (CCLC) held on December 30, 2025, including confirmation of action regarding the Islamabad Capital Territory Local Government (Amendment) Ordinance, 2025. It also endorsed the decisions made at the CCLC meeting held on December 3, 2025.

The cabinet further approved decisions taken at the Economic Coordination Committee (ECC) meeting held on August 26, 2025, including approval of relief for electricity consumers of distribution companies concerning the Off-Grid (Captive Power Plant) Levy and the formulation of a strategy in this regard.

Additionally, the cabinet approved action for the issuance of a Presidential Ordinance to amend the Off-Grid (Captive Power Plants) Levy Act, 2025, allowing the sale of gas to off-grid captive power plants by a third party, on the recommendation of the Petroleum Division.

Published in Dawn, January 3rd, 2026