Islamabad: The government is actively working on a strategic plan to achieve self-reliance and stimulate progressive growth in the country, according to Musadik Malik, the Minister for Petroleum. The minister emphasized the role of innovation in this endeavor, particularly in the oil and gas sector.

According to a statement by Ministry of Information and Broadcasting, Musadik Malik highlighted the achievements of the Oil and Gas Development Company Limited (OGDCL) in increasing its production to 10,000 barrels during a ceremony held in Islamabad. He attributed this success to the adoption of new technologies and innovative practices.

The minister further stated that if four companies adopt similar innovations, the country could potentially move away from relying on the International Monetary Fund (IMF). This shift is part of what he described as a “silent revolution” driven by technological advancements.

Malik also discussed the broader economic implications, noting that deregulation efforts are aimed at promoting the private sector while reducing the size of government departments. This strategy is intended to enhance efficiency and drive economic growth.

In addressing the country’s economic situation, the minister pointed out that inflation has decreased, largely due to a significant drop in interest rates. This development has, in turn, created an attractive environment for investors, bolstering economic confidence and investment prospects.