Economy set to take off: PM

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday declared that the country’s economy is poised for a significant rebound after a year of relentless work by the government’s economic team to restore stability.

Speaking at an event held in connection with Youm-e-Tameer-o-Taraqqi, Shehbaz highlighted that the financial sector had overcome significant challenges and was now on a path to sustained recovery and progress.

“Pakistan’s journey from darkness to light in a year is the result of joint efforts,” he noted.

Pakistan’s path to a future-ready economy

He continued that the government successfully engaged with the International Monetary Fund (IMF) to secure a $7 billion, three-year programme in September last year, which saved the country from default.

He said that although the nation faced challenges due to the IMF’s tough conditions, the economy has now been stabilised and was ready to move toward sustained progress and development.

“The salaried class had to suffer the most due to the IMF programme as it was now collectively paying Rs300 billion taxes,” he said, adding, “The salaried class deserves special commendation to for contributing such high taxes.”

He said that the inflation rate had been reduced from 40 per cent to as low as 2.4 per cent in January 2025, leading to a decline in the policy rate.

He urged the business community to support the government’s efforts to stabilise the economy, emphasising that their involvement was crucial.

He assured that the government would fully engage the business community in policymaking process, as economic growth could not be achieved without consulting the private sector.

Sharif maintained that the government was actively working to curb smuggling across the borders, adding 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.

He acknowledged the “dedicated and sincere” efforts of the military and law enforcement agencies in helping to curb smuggling activities across the country.

About privatisation policy, he said that the government is now moving towards a massive privatisation process, as the government has no role in business activities.

Sharif claimed that terrorism had almost been eliminated from the country in 2018, but, due to bad policies of the subsequent government, the menace had resurfaced in the country.

“Without uprooting terrorism, the country could not attain the targets of growth and development,” he added.

The country, he said, needed peace, stability, unity, prosperity and economic growth for which people belonging to all segments of the society would have to work together.

He said that he wanted to leave behind a legacy that set the country on the path of sustainable development.

He also expressed confidence that the government’s recently launched “Uraan Pakistan” programme would become successful and achieve all its set targets.

Copyright Business Recorder, 2025