Pakistan’s army chief leads mission to revive country’s economy

Pakistan’s army chief General Asim Munir has reaffirmed his commitment to steering Pakistan’s economic recovery, emphasizing it as a top priority for the state.

After attending IDEAS 2024, an international defense exhibition in Karachi, General Munir met with leading business figures in a marathon session – the third such meeting in three months. The discussions centered on economic stability, highlighting key issues such as corruption, energy costs, and economic reforms.

Business leaders voiced frustrations over persistent corruption in Sindh despite previous assurances. "We were promised action, yet the system remains intact," one participant stated. In response, the army chief assured attendees of his commitment to addressing their concerns through the provincial government.

General Munir also discussed reducing power tariffs for industries, stating, "We aim to bring industrial electricity rates down to $0.09 per unit by April 2025, half of current costs." While some participants stressed the need for long-term solutions, the chief underscored ongoing reforms.

The session also covered privatization, particularly of Pakistan International Airlines (PIA). The general expressed his desire for a local consortium to take over PIA, despite interest from international investors. "I hope a Pakistani company will step forward and own PIA," he remarked.

Addressing industrial growth, he highlighted a positive outlook for the economy, citing stabilizing indicators and improvements in exchange rates. He assured, "Interest rates could drop to single digits within a year, and the rupee remains strong."

General Munir also announced plans for developing a new coastal city in Karachi and reorganizing the management of its ports, including KPT, PIBT, and Port Qasim, under a unified authority.

During the meeting, business leaders raised concerns about stagnant industrial growth. "GDP growth is only 2.5%, and industries are operating under capacity," they said. Responding, General Munir dismissed rumors of economic collapse, stating, "Despair is forbidden for Muslims. I have complete faith in Pakistan’s bright future."