Prime Minister Shehbaz Sharif urged his cabinet to maintain their dedication and commitment, emphasising that hard work is essential for achieving the goal of making Pakistan a $1 trillion economy by 2035 and reaching $60 billion in exports by 2029.
Addressing a special cabinet meeting at the Jinnah Convention Center to review the government’s one-year performance, the prime minister praised his cabinet members for their efforts in ensuring economic stability. He noted that all macroeconomic indicators showed positive growth and reaffirmed the government’s commitment to strengthening the economy.
He highlighted the successful implementation of the Rs20 billion Ramazan relief package, which will provide financial support to four million deserving families through a digital wallet system. Each family will receive Rs5,000, eliminating concerns about financial mismanagement that had previously plagued entities such as the Utility Stores Corporation.
Shehbaz Sharif reiterated that the government successfully steered the country away from the risk of default and achieved an economic turnaround. He stressed the need for further efforts to curb losses in state-owned enterprises, eliminate circular debt in the power sector, and expedite the resolution of Rs400 billion in pending tax cases. The Sindh High Court’s recent decision to recover Rs23 billion provided much-needed relief to the government.
For the first time in Pakistan’s history, the federal cabinet meeting was attended by people from various sectors and was broadcast live on national television. The prime minister underscored the importance of fostering a culture of tolerance and unity, expressing optimism about Pakistan’s future.
He also announced that Pakistan, in collaboration with China, would soon launch its first joint astronaut mission.
During the meeting, Deputy Prime Minister and Foreign Minister Ishaq Dar reflected on Pakistan’s economic progress, recalling that under former Prime Minister Nawaz Sharif’s tenure, the country’s economy ranked 24th globally.
Finance Minister Muhammad Aurangzeb presented an economic overview, stating that the Pakistan Stock Exchange had seen a 71% return, the highest in 20 years, while the current account surplus had reached a record high.
He detailed ongoing efforts to streamline government operations, including the rightsizing of 43 ministries and 400 affiliated departments, as well as pension and agricultural tax reforms. The Federal Board of Revenue (FBR) recorded a 26% increase in revenue, while the introduction of faceless tax assessments led to a 60% rise in tax collections.
Power Minister Awais Ahmed Leghari outlined energy sector reforms, highlighting a Rs151 billion reduction in industrial cross-subsidies and a decrease in electricity prices to Rs4.96 per unit by February 25. The evaluation of 104 Independent Power Producers (IPPs) resulted in the termination of five inefficient plants and renegotiation of contracts with 14 others, yielding lifetime savings of Rs1,333 billion. The Bijli Sahulat Package and solarization of 4,000 tube wells in Balochistan were also noted as key achievements.
Minister of State for IT Shaza Fatima Khawaja reported a significant expansion in digital connectivity, with 15 million new broadband users and telecom sector revenues rising to Rs955 billion.
Planning Minister Ahsan Iqbal emphasized the continuation of the Uraan Pakistan initiative, which aims to develop five growth corridors under the prime minister’s leadership.
Attorney General Mansoor Usman Awan commended the prime minister for his leadership in legislative matters. Reports were also presented on the performance of the interior ministry, anti-smuggling efforts, the Green Pakistan Initiative, and the Special Investment Facilitation Council’s contributions to agriculture and livestock development.
