Prime Minister Shehbaz Sharif has expressed optimism about resolving Rs400 billion worth of pending tax cases, citing a recent Sindh High Court ruling that provided the government with Rs23 billion in relief.
Speaking at a cabinet meeting, he outlined key economic and governance reforms introduced over the past year. He highlighted Pakistan’s transition to e-governance, digitalisation of the Federal Board of Revenue (FBR), and an increase in foreign exchange reserves from $4 billion to $12 billion.
However, he termed state-owned enterprises (SOEs) as financial liabilities, noting that their accumulated losses had reached Rs850 billion. He stressed the urgent need to overhaul these entities to improve efficiency and reduce the financial drain on the economy.
Sharif linked Pakistan’s economic revival to eradicating terrorism, arguing that security improvements would attract investment and restore the country’s global standing. He took pride in what he described as unprecedented institutional alignment, with all state institutions working toward national progress. He underscored the importance of increasing revenue, securing investment, and reducing reliance on loans to ensure a sustainable economic future.
Reflecting on the government’s economic management, the prime minister recalled that Pakistan was on the verge of financial collapse when his administration took office, facing a potential default. However, through decisive measures, the government stabilised the economy.
He credited his cabinet and government officials for key achievements, including a reduction in inflation and policy rates, an increase in foreign remittances, higher foreign investment, and stronger foreign exchange reserves.
Sharif emphasised the need to transition from economic stabilisation to long-term growth under the “Uraan Pakistan” programme. He projected that with consistent policies, Pakistan’s economy could reach $1 trillion by 2035.
He also acknowledged financial support from Saudi Arabia and the United Arab Emirates, noting that Riyadh recently extended a $1.2 billion oil facility while Abu Dhabi rolled over $2 billion in financial assistance. He credited the army chief for playing a crucial role in securing international financial commitments and facilitating economic recovery.
Despite ongoing economic challenges, the prime minister reaffirmed that Pakistan was on a path toward stability and long-term prosperity.
