PM Shehbaz Highlights Pakistan’s Recovery and Economic Progress

ISLAMABAD: Prime Minister Shehbaz Sharif has expressed confidence that Pakistan has regained its footing and is on the path to recovery, despite the challenges that still lie ahead. Speaking at a ceremony in Islamabad marking the Day of Construction and Development, the Prime Minister highlighted the difficult decisions made by the government, emphasizing that while the nation is back on its feet, the journey ahead is not without its hurdles.

Shahbaz Sharif stated that the country is in dire need of peace and unity, adding that for the first time in Pakistan’s history, political leadership and institutions are working together towards common goals. He acknowledged the contribution of salaried individuals who have helped inject 300 billion rupees into the national treasury and credited the government’s policies for reducing inflation to its lowest levels. The Prime Minister also noted that Pakistan’s agreement with the International Monetary Fund (IMF) has prevented the country from defaulting.

He reiterated that despite these improvements, the road ahead remains challenging. “Today, we stand on our own feet once again, but the path forward won’t be easy. The business community must offer guidance on how to further progress, and we will move forward with their consultation,” he said.

Prime Minister Sharif also recognized the collective effort that has brought the nation back from the brink of economic disaster. He mentioned that in the past ten months, with the support of the nation’s prayers, Pakistan has successfully navigated through critical times. He assured that the government is working around the clock to resolve issues, particularly in institutions like the Federal Board of Revenue (FBR), and pointed out the necessity of exporting sugar to prevent smuggling.

The Prime Minister remained optimistic, stating that there is no reason for despair. “We will continue to work hard and progress. Pakistan has made a significant shift from darkness to light in just a year. The country’s economic recovery is the result of collective efforts. In 2023, the IMF program faced significant hurdles, and inflation caused hardship for the common man, but through perseverance, we are overcoming these challenges.”

Sharif also mentioned that in September, Pakistan entered into a $7 billion agreement with the IMF, which required salaried individuals to bear additional taxes. However, by January, the inflation rate had dropped to 2.4%, marking a significant achievement. Thanks to the team’s efforts, Pakistan avoided the risk of bankruptcy and is now poised for economic takeoff.

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The Prime Minister concluded by emphasizing that Pakistan’s journey towards economic recovery is ongoing and that the nation is ready for a stronger economic future, having made difficult decisions to ensure a brighter tomorrow.