ISLAMABAD (MNN): Prime Minister Shehbaz Sharif on Saturday said Pakistan had successfully emerged from a phase of economic uncertainty and risk, adding that major economic indicators were now showing encouraging performance as a result of the government’s measures.
Referring to the latest International Monetary Fund projections, the prime minister noted that the immediate threat of an economic collapse had receded. However, the IMF also indicated that Pakistan remained on a narrow stabilisation path, characterised by modest growth, high debt levels and limited relief for ordinary citizens.
According to IMF projections released earlier this week alongside the announcement of a fresh disbursement of about $1.2 billion, Pakistan’s economic growth is expected to rise gradually from 2.6 per cent in FY2024 to 3.2 per cent by FY2026.
Speaking at the launch ceremony of the National Regulatory Reforms in Islamabad, PM Shehbaz said the country’s economy was in an extremely fragile condition when the current government assumed office. He said that through collective effort, effective planning and relentless hard work, the government had managed to stabilise the economy.
He described the release of the $1.2 billion IMF tranche as a clear sign of improving macroeconomic indicators and said the government was now shifting its focus towards sustainable growth. The prime minister said discussions were under way to attract foreign investment in sectors offering mutual benefits, including agriculture, information technology, and mining and minerals.
Highlighting Pakistan’s young population, he said the government was creating extensive opportunities for vocational training with international certification. He added that skilled youth would be able to secure productive employment both within the country and abroad, contributing to national prosperity.
The prime minister termed the new regulatory framework a major breakthrough, saying it would ease doing business, support industry and agriculture, and attract foreign direct investment. He added that the reforms would also reduce wastage of time and resources, helping curb corruption and nepotism.
PM Shehbaz expressed gratitude to the British government for its continued support, calling the United Kingdom a key partner in Pakistan’s development. He also said Pakistan enjoyed strong relations with the United States and was looking forward to enhanced cooperation in the future.
Earlier, Special Assistant to the Prime Minister on Industry and Production Haroon Akhtar Khan said the day marked a turning point rather than just a policy announcement. He said the government was working to transform Pakistan from a regulatory state into a developmental state. He added that the reforms were part of a broader agenda based on tariff rationalisation, regulatory modernisation and export-led industrial revival.
UK Minister for International Development and Africa Baroness Jenny Chapman also addressed the ceremony, highlighting Pakistan’s entrepreneurial potential, natural resources and strategic position in global trade. She termed the reforms a positive step and said trade between the two countries had reached 5.5 billion pounds annually, with new efforts under way to unlock private investment through the Pakistani diaspora in the UK.
