PM Shehbaz says economy out of the woods, calls all indicators ‘great’

• Economy stabilized after default fears, soaring inflation: MM.
• Reforms aim to facilitate business, exports and FDI: PM.
• Youth training, tariff reforms at the heart of growth strategy: PM.

Islamabad: Prime Minister Shehbaz Sharif on Saturday launched the National Regulatory Reforms, saying Pakistan has overcome severe economic difficulties due to tireless efforts of the incumbent government and its economic team, with key economic indicators showing strong improvement.

Addressing the opening ceremony, he called the regulatory reforms a “quantum leap”, saying the framework would facilitate business, industry, agriculture and foreign direct investment from Europe, the Far East and the Middle East, while also reducing the waste of time and resources that fueled corruption and nepotism.

He praised the federal and provincial teams for their cooperation and thanked the British government and UK International Development for their support, describing the UK as a long-standing partner in Pakistan’s progress.

He also said that Pakistan enjoys strong relations with the United States and looks forward to further cooperation.

The prime minister recalled that when he took over the government, the country was on the brink of financial bankruptcy, inflation was soaring, policy rates were crippling and business activity was in turmoil, making local and foreign investment almost impossible.

He said the government, despite daunting challenges, has not lost hope and has led the country out of economic woes through teamwork, planning and persistent efforts in the last one and a half years. Stressing the need for continued hard work, he said the focus is now on progress and accelerating economic growth.

The prime minister also referred to the International Monetary Fund’s (IMF) approval of a $1.2 billion tranche for Pakistan and noted that excessive rules, regulations and procedures had previously caused serious damage to the business environment.

He said the government was working to attract foreign investment in mutually beneficial sectors including agriculture, information technology and mining and minerals. Highlighting the youth bulge of Pakistan, he said that vocational training with international certification is being offered to enable the youth to secure productive employment at home and abroad.

Speaking on the occasion, Special Assistant to Prime Minister Haroon Akhtar said the reforms mark a transition from a regulatory to a developmental state, joining a broader transformation based on tariff rationalization, regulatory modernization and industrial revitalization.

UK Secretary of State for International Development Baroness Jenny Chapman hailed the reforms as a positive achievement, highlighting Pakistan’s business potential, natural resources and role in global trade, and noted the growing trade and investment ties between the two countries.