ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday expressed confidence that Pakistan’s economy is on the verge of a significant rebound following a year of relentless work by the government’s economic team.
Speaking at an event marking Youm-e-Tameer-o-Taraqqi, the Prime Minister highlighted the progress made in stabilizing the financial sector, which had faced substantial challenges.
“Pakistan’s journey from darkness to light in a year is the result of joint efforts,” Shehbaz Sharif said, acknowledging the collective work that brought the country back from the brink of economic collapse. He noted the successful engagement with the International Monetary Fund (IMF), which led to a $7 billion, three-year program secured in September last year, saving the country from default.
Despite facing tough conditions imposed by the IMF, Sharif stated that the economy was now stabilized and ready for sustained progress. “The salaried class had to suffer the most due to the IMF program as it was now collectively paying Rs300 billion in taxes,” he said, commending their contribution.
“The salaried class deserves special commendation for contributing such high taxes,” he added.
The Prime Minister also highlighted a significant reduction in inflation, noting that the rate had fallen from 40% to as low as 2.4% in January 2025, which led to a decline in the policy rate. He encouraged the business community to support the government’s efforts, stressing that economic growth could not be achieved without their involvement.
“We will fully engage the business community in the policymaking process,” he said.
Sharif also discussed the government’s efforts to tackle smuggling, mentioning that by legally exporting sugar to Afghanistan, the government secured $211 million in foreign exchange. “This valuable revenue would have otherwise ended up in the hands of smugglers,” he added, acknowledging the “dedicated and sincere” efforts of military and law enforcement agencies in curbing smuggling activities.
On the privatization front, the Prime Minister announced a shift towards a massive privatization process, stating that the government no longer had a role in business activities. “We are now moving towards a massive privatization process,” he said.
Sharif also addressed security concerns, stating that terrorism, which had been largely eradicated in 2018, resurfaced due to poor policies of the previous government. “Without uprooting terrorism, the country could not attain the targets of growth and development,” he emphasized.
In conclusion, the Prime Minister called for national unity, stability, and cooperation from all segments of society. “The country needs peace, stability, unity, prosperity, and economic growth,” he said, urging collective efforts to pave the way for sustainable development.
He also expressed confidence in the success of the government’s “Uraan Pakistan” program, which aims to achieve its set targets and drive the country toward prosperity.
