Prime Minister Shehbaz Sharif on Saturday reaffirmed the government’s commitment to driving an economic turnaround through structural reforms, institutional changes, and a renewed emphasis on meritocracy, as reported by the Associated Press of Pakistan (APP).
Speaking to a group of Pakistani students enrolled in top international universities under the Uraan Pakistan Summer Scholars Programme, the prime minister reflected on the coalition government’s efforts since taking office in 2023, a time when the country stood dangerously close to default.
“Most people believed Pakistan would default, with only a few still holding hope,” he recalled, referencing his meeting with the IMF managing director, during which he reaffirmed Pakistan’s resolve to stabilize the economy and honour commitments under the programme.
Highlighting the tough starting point, the prime minister noted that inflation had peaked at 38% and the policy rate stood at 22.5%, while business confidence was extremely low. “Despite the pressure, we acted with unity and sincerity. Today, the policy rate is below 11%, and programmes like Uraan Pakistan are in full swing.”
Describing the path forward as “difficult but necessary,” he said that governments in the past had avoided structural reforms for decades. “Now, we must embrace these essential changes through sustained commitment.”
He spotlighted efforts within the Federal Board of Revenue (FBR), claiming the removal of corrupt officials despite political pressures. “Digitisation had previously been reduced to paperwork manipulated by interest groups,” he said, noting that his government had appointed a new FBR chairman and engaged technical consultants to overhaul the institution.
“FBR’s processes are now increasingly digital, with AI-based tools and faceless interactions becoming standard,” he added.
Citing the results of these reforms, he stated that revenue collection in one sector surged from Rs12 billion to over Rs50 billion in just one year, exposing the scale of historical tax evasion.
“Pakistan’s journey is uphill, and challenges are as tall as mountains,” the premier said, underlining his belief in performance-based governance. “Those who deliver are rewarded, and those who don’t are replaced. Delivery is the name of the game; performance is the name of the game.”
He reiterated that failure was not an option, particularly with Pakistan’s youth at stake. “Investing in young people is investing in the country’s future,” he told the scholars, recalling the merit-based scholarships launched during his tenure as Punjab’s chief minister to uplift underprivileged students.
On climate change, the prime minister highlighted the $30 billion in damages caused by the 2022 floods, pointing out that Pakistan bears minimal responsibility for global carbon emissions despite facing such devastating consequences.
Addressing a question on relations with India, PM Shehbaz referred to the Pahalgam incident, stating that Pakistan had responded to unprovoked aggression in May this year. “We proposed an international investigation, but India didn’t respond,” he said. “Fifty-five Pakistanis were martyred as a result of Indian attacks. In retaliation, six Indian aircraft were downed during Pakistan’s response on May 9 and 10.”
He commended the armed forces for their professionalism and reiterated that Pakistan’s nuclear programme is solely intended for peaceful purposes and national defence.
Concluding his address, the prime minister extended his full support and best wishes to the scholars under the Uraan Pakistan programme, expressing confidence in their potential to serve Pakistan in the future.
