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Economy out of woods as key indicators showing remarkable improvement: PM

By Saleem Jadoon
  • PM Shehbaz Sharif hails economic turnaround, launches National Regulatory Reforms
  • Calls regulatory reforms ‘a quantum jump’ to streamline business and curb corruption
  • Says approval of $1.2 billion tranche by IMF boosts investor confidence, focus on attracting FDIs in agriculture, IT, mines and minerals
  • UK Minister Baroness Chapman highlights Pakistan’s trade potential and global role, saying diaspora engagement to unlock private capital

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Saturday said Pakistan’s economy has emerged from a severe crisis, crediting the untiring efforts of the incumbent government and its economic team for stabilizing key macroeconomic indicators and restoring investor confidence.

Addressing the launching ceremony of the National Regulatory Reforms, broadcast live on national television, the prime minister highlighted that through careful planning, teamwork, and unwavering determination, the country has moved from the brink of financial default to a position where sustainable growth and investment are now possible.

The prime minister said that when the government took office, Pakistan’s economy was in a very difficult situation. “We were at the verge of financial default. Our inflation was galloping and policy rate was crippling. So one could not imagine any kind of investment in Pakistan, let alone FDIs. And the business in the country was in turmoil. But we did not lose hope,” he remarked.

He acknowledged the challenges as “very scary” but emphasized that the government’s hard work, planning, and teamwork had successfully steered the economy out of its woes. Highlighting the need for dedication to achieve national goals, he said, “This was the commitment, unwavering determination to walk in that very difficult path in the last one and a half year. And here we are. And today, Alhamdulillah, we are now discussing how to move forward and grow our economy.”

Referring to the news of IMF approval of Pakistan’s $1.2 billion tranche, the prime minister said that cumbersome rules and outdated procedures had previously stifled industrialists, businessmen, and investors. He stressed that the government was now attracting foreign investment in high-potential sectors such as agriculture, IT, and mining.

He underlined Pakistan’s youthful population and the expansion of vocational training with international certification, enabling youth to secure productive jobs both at home and abroad. Terming the launch of the regulatory framework a “quantum jump,” he said it would streamline business, industry, agriculture, and FDI processes while curbing time wastage, corruption, and nepotism.

The prime minister also commended the federal and provincial teams and thanked the UK government and International Development UK for their support, while highlighting strong ties with the US, Saudi Arabia, and other Middle Eastern partners.

Special Assistant Haroon Akhtar described the reforms as a foundational step in transforming Pakistan from a regulatory state into a developmental state, guided by tariff rationalization, regulatory modernization, and export-led industrial revival. UK Minister Baroness Jenny Chapman lauded Pakistan’s entrepreneurial potential, natural resources, and its strategic role in global trade, noting that Pakistan-UK trade now stands at £5.5 billion annually, with diaspora engagement helping unlock private capital.

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Saleem Jadoon
Saleem Jadoon
News Editor at Pakistan Today

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