Prime Minister Shehbaz Sharif stated that Pakistan has overcome severe economic distress thanks to the concerted efforts of his government and its economic team.
He noted that when the administration took office, the economy was in a precarious position, with the country teetering on the brink of financial default.
“We were at the verge of financial default. Inflation was soaring, and policy rates were crippling. At that time, one could not imagine any form of investment in Pakistan, let alone foreign direct investment.
The business environment was in turmoil. But we did not lose hope,” PM Shehbaz said while speaking at the launch ceremony of the National Regulatory Reforms on Saturday.
He added that although the challenges were formidable, they were overcome through teamwork, meticulous planning, and sustained effort. “Indeed, those were very daunting challenges, but through outstanding teamwork, excellent planning, and tireless efforts, the country emerged from its economic woes,” he said.
PM Shehbaz stressed the need for continued hard work to meet future goals and turn ambitions into reality. “And 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 now move forward and grow our economy,” he added.
The prime minister also referred to the approval of a $1.2 billion tranche by the International Monetary Fund, describing it as a positive development. He said excessive regulations had previously hurt industrialists, businessmen and the wider economy, discouraging both domestic and foreign investment.
The government, he said, was now focusing on attracting foreign investment in agriculture, information technology, and the mines and minerals sector. Highlighting Pakistan’s demographic profile, Shehbaz said the country’s large youth population was being offered vocational training with international certification.
“They will find productive jobs not only in Pakistan but abroad, making Pakistan richer and prosperous,” he said.
Calling the new regulatory framework a “quantum jump”, he said it would facilitate business, industry, agriculture and foreign direct investment from Europe, the Far East and the Middle East, while reducing inefficiency, corruption and waste.
“So I think today is a great day that we are able to now announce and let the nation know, 240 million people, that the government is fully aware of the challenge of the day and they are ready to walk with them with the speed they want us to walk,” he said.
PM Shehbaz praised federal and provincial teams for coordinated efforts and thanked the British government and UK International Development for their support.
He said Britain remained a key partner, alongside Middle Eastern allies such as Saudi Arabia, and described Pakistan’s relations with the United States as positive.
Speaking at the event, the prime minister’s special assistant Haroon Akhtar said the reforms marked a fundamental shift in governance. “Today marked more than a policy moment as it marked a turning of the page,” he said, describing the transition from a regulatory to a developmental state.
He said the reforms were built on three pillars: tariff rationalisation, regulatory modernisation and export-led industrial revival. Under the new national tariff policy, he said, the government was moving towards predictability, competitiveness and the elimination of arbitrary duties.
UK Minister of State for International Development Baroness Jenny Chapman said Pakistan had strong entrepreneurial potential, abundant natural resources and a strategic position in global trade.
Describing the reforms as a positive achievement, she said the ambitions were shared by both countries. “And the links between our people play a huge part in the flow of trade and investment between our two countries as well. Trade is now at 5.5 billion pounds a year. We’ve got a new trade dialogue and we’re supporting Pakistan’s efforts to work with the 1.6 million strong Pakistani diaspora in the UK to unlock private capital,” she said.
Source: Express Tribune
