PM Shehbaz Vows Faster Growth as Economy Stabilises

ISLAMABAD: (Web Desk) – Prime Minister Shehbaz Sharif on Monday said Pakistan’s economy has achieved stability through consistent efforts and reforms, while emphasizing that the government is now focused on accelerating economic growth and industrial development.

The prime minister made the remarks during a consultative meeting with senior representatives from various chambers of commerce and industry, where discussions focused on budget proposals and strategies for strengthening the country’s economy.

He said the government would introduce additional measures in the upcoming federal budget to support industrial expansion, increase production and promote investment.

“Our goal is export-led economic growth, and we will achieve this objective through collective efforts,” the prime minister said.

During the meeting, Shehbaz Sharif directed the Federal Board of Revenue to resolve all pending tax refund cases by June 15 to facilitate businesses and improve liquidity within the private sector.

The session was attended by leadership from the Federation of Pakistan Chambers of Commerce and Industry and representatives from chambers of commerce in Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Quetta, Gujrat, Gujranwala and Sialkot.

The prime minister also announced that the interest rate for the export refinance scheme would remain capped at 4.5 percent until June 2027 despite the recent increase in the policy rate, a move aimed at supporting exporters and maintaining competitiveness in international markets.

In another business-friendly initiative, he directed the relocation of the central office of Pakistan Revenue Automation Limited to Karachi to improve accessibility for the business community.

Responding to requests from overseas Pakistanis and local stakeholders, the prime minister also ordered the establishment of a passport office in Gujrat.

Highlighting future priorities, Shehbaz Sharif stressed that reforms and incentives for the small and medium-sized enterprise (SME) sector remain a key part of the government’s economic agenda. He also encouraged local investors to pursue joint ventures for the production of electric vehicles in Pakistan.

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Members of the business delegation praised the government’s economic policies and acknowledged the efforts of Deputy Prime Minister Ishaq Dar and Chief of Army Staff Syed Asim Munir in supporting regional peace and economic stability.

The delegation also welcomed reforms in the Export Development Fund Board, the digitization of the FBR, e-invoicing initiatives, and the successful privatization of Pakistan International Airlines.

Business leaders reiterated their commitment to supporting government efforts aimed at documenting the economy and integrating the informal sector into the formal tax system through digitization and structural reforms.