ISLAMABAD: Prime Minister Shehbaz Sharif said that Pakistan had emerged from a period of severe economic difficulty, expressing confidence that key economic indicators were now showing strong improvement as a result of the government’s collective efforts.
The prime minister said the economy was in a “very difficult situation” when the current government assumed office. However, he said disciplined planning, teamwork and sustained efforts had helped stabilise the economy.
“With a sense of relief and achievement, I can say today that Pakistan is economically out of the woods. Our major indicators are showing wonderful performance,” he said, referring to the recent release of a $1.2 billion tranche by the International Monetary Fund (IMF).
Furthermore, Pakistan’s immediate risk of economic free fall has eased. However, the Fund noted that the country remains on a narrow stabilisation path, with modest growth and persistent structural challenges.
The IMF expects Pakistan’s economic growth to rise gradually from 2.6 per cent in fiscal year 2024 to 3.2 per cent by fiscal year 2026.
Prime Minister Shehbaz said the government was now focused on the next phase of economic growth, with a focus on attracting foreign investment in sectors offering mutual benefits, including agriculture, information technology, and mines and minerals.
He said the country’s large youth population was being provided opportunities for vocational training and internationally recognised certification. He added that skilled youth would find productive employment both at home and abroad, contributing to national prosperity.
However, the prime minister described the new regulatory reforms framework as a “quantum jump” that would facilitate business, industry, agriculture and foreign direct investment. He said the reforms would help reduce delays, inefficiencies and misuse of resources that had previously contributed to corruption and nepotism.
“We want to assure the nation that the government fully understands today’s challenges and is prepared to move forward with the required speed and determination,” he said.
Meanwhile, Prime Minister Shehbaz also expressed gratitude to the United Kingdom for its continued support, calling the UK a valued partner in Pakistan’s development.
He added that Pakistan enjoyed a strong relationship with the United States and looked forward to further cooperation. UK Minister for International Development and Africa Baroness Jenny Chapman welcomed the reforms, mentioning Pakistan’s entrepreneurial potential, natural resources and strategic trade position.
She noted that bilateral trade had reached £5.5 billion annually and said both countries shared ambitions for deeper economic cooperation.
