Prime Minister Muhammad Shehbaz Sharif on Saturday said that Pakistan’s economy has emerged from severe difficulties due to the untiring efforts of the government and its economic team, stating that the country’s key economic indicators are now showing encouraging signs.
Addressing the launching ceremony of National Regulatory Reforms, the prime minister recalled that when the current government assumed office, Pakistan was on the brink of financial default. He said inflation was soaring, the policy rate was crippling, and both local and foreign investment had nearly come to a standstill.
“We were facing extremely scary challenges. The economy was in turmoil, but we did not lose hope,” PM Shehbaz said, adding that through teamwork, planning, and relentless effort over the past one and a half years, Pakistan had managed to overcome its economic woes.
The premier referred to the recent approval of a $1.2 billion tranche by the International Monetary Fund (IMF) as a sign of renewed confidence in Pakistan’s economy. He noted that cumbersome regulations and complex procedures had previously discouraged industrialists and businessmen, damaging the overall business environment.
PM Shehbaz said the government is now actively working to attract foreign direct investment (FDI) in key sectors such as agriculture, information technology, and mines and minerals, offering mutually beneficial opportunities to international partners.
Highlighting Pakistan’s young population, he said the government is providing vocational training with international certification to enable youth to secure productive employment both locally and abroad, contributing to national prosperity.
On the occasion, the prime minister also launched “Regimeter”, a digital portal designed to monitor the implementation of regulatory reforms approved by the Cabinet Committee on Regulatory Reforms. The platform also allows the private sector to provide feedback, enhancing transparency and accountability.
Terming the regulatory framework a “quantum jump,” PM Shehbaz said it would facilitate business, industry, agriculture, and foreign investors from Europe, the Far East, and the Middle East, while reducing delays, corruption, and wastage of resources.
The prime minister commended the federal and provincial teams involved in the reform process and thanked the British government and International Development UK for their support. He also reaffirmed Pakistan’s strong relations with the United Kingdom, the United States, Saudi Arabia, and other friendly countries.
PM’s Special Assistant Haroon Akhtar said the reforms marked a shift from a regulatory state to a developmental state, guided by tariff rationalisation, regulatory modernisation, and export-led industrial growth.
UK Minister of State for International Development Baroness Jenny Chapman praised Pakistan’s reform efforts, highlighting trade ties between the two countries, which currently stand at £5.5 billion annually, and the role of the Pakistani diaspora in boosting investment and economic cooperation.
The prime minister concluded by assuring the nation that the government fully understands the challenges ahead and is committed to moving forward with speed, determination, and inclusive growth.
