Islamabad: Prime Minister Shehbaz Sharif has welcomed the significant growth in the country’s GDP during the first quarter of the current fiscal year, stating that the government has successfully brought the nation back from the brink of default and steered it towards economic stability. Presiding over the Federal Cabinet meeting in Islamabad, he expressed satisfaction over the successful privatization of a seventy-five percent stake in Pakistan International Airlines, emphasizing the transparency of the bidding process.

According to Radio Pakistan, Shehbaz Sharif reiterated the commitment made by his administration to privatize loss-making State-Owned Enterprises since taking office. The privatization of PIA is seen as a significant milestone in this endeavor and aligns with the government’s vision of economic reforms. The Prime Minister also highlighted his recent meetings with UAE President Sheikh Mohamed bin Zayed Al Nahyan, describing them as extremely beneficial for bilateral relations and mutual consultations.

Furthermore, Shehbaz Sharif shared details of a recent telephone conversation with Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman. Both leaders expressed satisfaction with the progress of economic and strategic relations between their countries, and discussions were held on further expanding these ties.

During the meeting, the Prime Minister congratulated the Federal Cabinet members on the New Year and conveyed his best wishes. The Cabinet ratified decisions from the Cabinet Committee for Legislative Cases meeting held on December 30, 2025, including actions related to the Islamabad Capital Territory Local Government (Amendment) Ordinance, 2025.

Additionally, the Cabinet endorsed decisions from the Cabinet Committee for Legislative Cases meeting on December 3, 2025, and approved decisions from the Economic Coordination Committee meeting on August 26, 2025. These included providing relief to electricity distribution company consumers concerning the Off-Grid (Captive Power Plant) Levy and formulating a strategy in this regard.

On the recommendation of the Petroleum Division, the Federal Cabinet also approved the issuance of a Presidential Ordinance to amend the Off-Grid (Captive Power Plants) Levy Act 2025, focusing on the sale of gas to off-grid captive power plants by a third party.