Pakistan Economy Back on Track, Says PM Shehbaz

News Desk 

Islamabad: Prime Minister Muhammad Shehbaz Sharif on Saturday said that due to the untiring efforts of the incumbent government and its economic team, Pakistan was now out of the woods economically, with major indicators showing positive results.

The prime minister said that when the government assumed office, the national economy was in an extremely difficult situation.

“We were on the verge of financial default. Inflation was galloping and the policy rate was crippling. Under such conditions, one could hardly imagine any kind of investment in Pakistan, let alone foreign direct investment (FDI).

Business activity in the country was in turmoil. But we did not lose hope,” he said while addressing the launching ceremony of the National Regulatory Reforms, broadcast live on national TV channels.

He said that although the challenges were daunting, through outstanding teamwork, effective planning, and untiring efforts, the country had emerged from its economic woes.

The prime minister underlined the need to spill blood and sweat to achieve set targets and turn dreams into reality.

“This unwavering determination to stay the course during the last one and a half years has brought us to this point. Today, Alhamdulillah, we are discussing how to move forward and grow our economy,” he observed.

He also referred to reports of the IMF approving Pakistan’s $1.2 billion tranche.

The prime minister said that industrialists, businessmen, and people from all walks of life had suffered immensely due to cumbersome rules, regulations, and procedures, which had dealt a severe blow to the overall economic environment.

He said the government was working to attract foreign investment in sectors of mutual benefit, including agriculture, information technology, and mines and minerals.

“We have a very young population—a youth bulge. We are offering vast opportunities for vocational training with international certification. Our youth will find productive jobs not only in Pakistan but also abroad, making Pakistan richer and more prosperous,” he said.

Terming the launch of the regulatory framework a “quantum jump,” he said it would facilitate the business community, industry, agriculture, and foreign direct investment from Europe, the Far East, and the Middle East. He added that it would also reduce the waste of time and resources that often led to corruption and nepotism.

“Today is a great day as we announce to the nation—240 million people—that the government is fully aware of the challenges of the day and is ready to walk with them at the pace they expect,” he added.

The prime minister also commended the relevant federal government team for working in coordination with provincial governments. He thanked the British government and International Development UK for their support.

He said the UK had been a great partner in Pakistan’s progress, like other friendly countries in the Middle East, including Saudi Arabia.

He said Pakistan enjoyed strong relations with the United States and was looking forward to a period of enhanced mutual cooperation.

Speaking on the occasion, the prime minister’s Special Assistant, Haroon Akhtar, said the day marked more than a policy milestone—it represented a turning point. Among the many reforms underway, he said the most foundational was transforming Pakistan from a regulatory state into a developmental state.

He said regulatory reform was not an isolated effort but part of a broader transformation guided by three pillars: tariff rationalisation, regulatory modernisation, and export-led industrial revival.

Under the new national tariff policy, he said, the government was moving toward predictability and competitiveness while phasing out arbitrary duties.

UK Minister of State for International Development, the Right Honourable Baroness Jenny Chapman, in her remarks, highlighted Pakistan’s entrepreneurial potential, natural resources, and strategic position at the centre of global trade.

Terming the reforms a positive achievement, she said these ambitions were shared by both the UK and Pakistan.

“The links between our people play a major role in the flow of trade and investment between our two countries. Trade now stands at £5.5 billion a year. We have a new trade dialogue, and we are supporting Pakistan’s efforts to work with the 1.6 million-strong Pakistani diaspora in the UK to unlock private capital,” she added.