Prime Minister Shehbaz Sharif said on Saturday that the country had exited a period of economic turmoil and jeopardy, with its key indicators now showing “wonderful” performance due to the government’s efforts.
The latest International Monetary Fund (IMF) projections for Pakistan suggest that the immediate risk of an economic free fall has eased, but the country remains locked into a narrow stabilisation path, marked by weak growth, heavy debt, and limited relief for households.
Projections by the Fund, released early on Tuesday alongside the statement announcing a fresh disbursement of around $1.2 billion to Pakistan, showed that the country’s economic growth was projected to inch up from 2.6 per cent in FY2024 to 3.2pc by FY2026.
Addressing the launch ceremony of the National Regulatory Reforms in Islamabad, the prime minister said the national economy was in a very difficult situation when the current government took the reins.
“Through our outstanding teamwork, excellent planning and untiring efforts, I can say today with a sense of relief and achievement that Pakistan is economically out of the woods; our mega indicators are wonderful,” he said, pointing to the news of the recent release of the $1.2bn IMF tranche.
The premier said the government was now focused on and discussing how to move forward and grow the economy with foreign investment in “attractive areas of mutual benefits” such as agriculture, information technology, and mines and minerals.
“We have a very young population, a youth bulge. We are offering them vast opportunities for vocational training and with international certification. They will find productive jobs not only in Pakistan but abroad, making Pakistan richer and prosperous.”
He termed the launch of the regulatory framework as a “quantum jump” that would facilitate the business community, industry, agriculture and foreign direct investment, adding that it would also eliminate the “immense waste of time and resources” in the country that led to corruption and nepotism.
“We are able to now announce and let the nation know … that the government is fully aware of the challenges of the day and they are ready to walk with them with the speed they want us to walk,” the premier added.
PM Shehbaz also thanked the British government for its support.
The prime minister said that the United Kingdom had been a great partner in the country’s progress.
He also said that Pakistan had a “wonderful relationship” with the United States and was looking forward to a “wonderful time of mutual cooperation”.
Earlier, Special Assistant to PM for Industry and Production Haroon Akhtar Khan said today was more than a policy moment as it also marked a turning of the page.
He said that, among the many reforms the government was undertaking, one stood out as foundational: the transformation of Pakistan from a regulatory state into a developmental state.
Khan added that the regulatory reform was not an isolated effort, but part of a wider transformation guided by three pillars: tariff rationalisation, regulatory modernisation, and export-led industrial revival.
“Under the new national tariff policy, we are moving towards predictability, competitiveness and phasing out of arbitrary duties,” he added.
UK Minister for International Development and Africa Baroness Jenny Chapman also highlighted the full potential, prospects of entrepreneurship, availability of natural resources and Pakistan’s place at the centre of global trade.
Terming the reforms as a positive achievement, she said these were the ambitions that both the UK and Pakistan shared.
“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 5.5bn 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 added.
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