Russian delegation in Pakistan to discuss ‘economic cooperation’ — embassy

KARACHI: Prime Minister Shehbaz Sharif on Friday directed to form of a committee comprising industrialists and cabinet members to ensure sustainable economic growth, instructing it to offer recommendations within two weeks.
The move comes as Pakistan grapples with a fragile economy that has witnessed multiple boom-bust cycles over the past decades, forcing successive governments to seek external financial assistance, including repeated bailouts from the International Monetary Fund (IMF). Sharif’s administration is focusing on increasing exports and attracting investment to drive long-term growth.
The prime minister decided to set up the committee during a meeting with a delegation of prominent businessmen and industrialists, where he highlighted the government’s commitment to create a business-friendly environment.
“The prime minister has sought suggestions from business personalities and industrialists regarding sustainable improvement in the country’s growth rate,” said a statement released by his office after the meeting. “He has directed the formation of a committee comprising business figures, industrialists and government ministers.”
“This committee will provide recommendations to the government within two weeks to achieve sustainable growth,” it added.
Sharif emphasized that boosting exports was the most effective way to improve the growth rate, noting that his administration had been working to facilitate businesses and attract foreign direct investment.
He also pointed to the establishment of the Special Investment Facilitation Council (SIFC), which provides a one-window platform for investors, streamlining bureaucratic hurdles and offering incentives to businesses.
“The government is working on a priority basis to promote industry and business in the country,” he was quoted as saying during the meeting. “The business community and industrialists are the backbone of the country’s economy, and resolving their issues is our top priority.”
He highlighted recent improvements in macroeconomic indicators while acknowledging the need for further efforts to ensure the benefits of economic stability also begin to reach the public.

KARACHI: Champions Trophy fever in Pakistan has plummeted after the hosts crashed out of the first major cricket event in the country in three decades without winning a game.
“It feels like attending a wedding where you don’t know the bride or groom,” said Kashan Khan, a medical student who watched Pakistan get beaten by New Zealand by 60 runs in the opening match in Karachi last week.
The defending champions then lost to great rivals India by six wickets to seal their fate, before their dead-rubber last group game against Bangladesh on Thursday was washed out.
“Pakistan’s poor performance has drained my enthusiasm. I don’t care about watching other teams now,” added Khan.
Pakistan’s failure to advance beyond the group phase or even win a game was a huge letdown in a country that has been gradually returning to hosting international teams after years of militancy saw it marked as a no-go zone.
Security in cities has vastly improved in recent years, including in Karachi, Lahore and Rawalpindi, where the matches are being held.
But disheartened fans have begun abandoning the tournament.
Outside Rawalpindi Stadium ticket-holders were seen trying to sell their unwanted seats ahead of Pakistan’s match against Bangladesh, but there were no takers.
“I had three tickets but no one wanted to buy them,” said Farooq Ali.
“I even tried giving them away for free, but my friends weren’t interested.”
For many, the final on March 9 holds little appeal, particularly given its location is still undecided.
Arch-rivals India, with which Pakistan has fought several wars, refused to visit its neighbor and are playing all their matches in Dubai.
In painful contrast to Pakistan’s woes, India are into the semifinals and if they reach the title decider, the final will be moved from Lahore to Dubai.
“If Pakistan isn’t playing in it, why should we care?” asked Amna Mashadi, who watched the tournament on television.
Pakistan’s latest flop dealt a severe blow not just to supporters, but also to the financial ecosystem surrounding the eight-nation event.
With Pakistan out, TV viewership has nose-dived, advertising revenues have shrunk and sponsors are demanding reductions in their campaign costs.
Pakistan’s stated-owned PTV and Ten Sports bought the joint broadcast shares of the 15 matches, each paying 1.2 billion rupees ($4.25 million).
Sources with knowledge of the broadcast deal told AFP that the two broadcasters have already lost close to 180 million rupees in two rained off matches in Rawalpindi.
Broadcasters are bracing for losses as they search for takers for the usually prime advertising spots in the semifinals and final.
“Sports advertising is always a gamble,” said a senior employee at a Pakistani company, one of the tournament’s top advertisers.
“Sponsorship deals cover the whole tournament, so pulling out isn’t an option.
“But when the national team exits early, consumers go away and the sale of the product suffers.”
Shopkeeper Mohammad Rizwan — he coincidentally has the same name as the Pakistan captain — had anticipated selling 60,000 cricket shirts of the home team.
Instead he only sold about a third of that.
“The demand for Pakistan shirts was overwhelming and in the week leading up to the event, I doubled my order,” Rizwan told AFP.
“But as soon as the team started losing, the demand plummeted. Now, I have huge unsold stock in my warehouse.
“It’s a massive loss.”
Renowned television and film actor Adnan Siddiqui fears that Pakistan’s underwhelming performance might push young fans away from the sport altogether.
“I grew up watching cricket late at night or early in the morning,” Siddiqui told AFP.
“But after these defeats, my son has lost interest completely. The real loss here is of the next generation of players and fans.”
Siddiqui flew to watch the India-Pakistan match in Dubai on Sunday and returned heartbroken.
“We used to beat India frequently but now they are well ahead of us in terms of skill and bravery. Our team looked scared.”
Despite the gloom some remain hopeful.
“This is a low point but the sun will rise again,” said Khalil Khan, a club-level cricket coach in Karachi.
“Cricket is the only sport that puts Pakistan on the global map and I’m sure our team will bring joy again in the future.”