https://arab.news/j4v7f
- Shehbaz Sharif says the government has taken the number of countries exempt from visa fees to 126
- He says the decision will make Pakistan an attractive destination, further boost its forex reserves
ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday Pakistan had made positive changes to its visa policy to enhance ease of doing business as the country strives to strengthen its economy by attracting foreign investment and exploring more trade opportunities.
Pakistan has faced a prolonged economic crisis that led the country to seek financial assistance from friendly nations and global lenders like the International Monetary Fund (IMF). Earlier this month, Pakistan secured a staff-level agreement with the IMF for a $7 billion bailout facility to strengthen macroeconomic gains made over the last year, during which the country bolstered its forex reserves and brought down inflation from 38 percent to a little over 12 percent.
However, the government has also actively pursued economic diplomacy in the region by seeking more investment and enhancing trade and regional connectivity.
Addressing the cabinet meeting, the prime minister mentioned consultations with his team about two weeks ago, during which the visa policy came up for discussion.
“We have brought a major change in the visa regime, taking the number of countries exempt from visa fees to 126,” he said. “Tourists, businessmen, and other travelers from these 126 countries will not be charged visa fees.”
He pointed out this would lead to a loss of few million dollars, but would be instrumental in promoting investment in the country.
“It was mutually agreed that we should take this quantum jump to ensure ease of doing business in Pakistan,” he added.
The prime minister expressed hope the new visa policy would make Pakistan an attractive destination for foreigners.
He announced that visas would be issued within 24 hours to visitors planning to come to Pakistan.
Sharif noted this step would lead to a significant increase in large-scale economic activities in the country and further boost Pakistan’s foreign exchange reserves.
While acknowledging the security challenges faced by the country, he added the coalition government was making concerted efforts to address the situation.