PM Shehbaz pledges economic turnaround through structural reforms

Express Tribune

3 days ago

Prime Minister Shehbaz Sharif addresses a delegation of students selected for the government's internship programme, Uraan Pakistan, Summer Scholars, in Islamabad on July 12, 2025. Photo: APP
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Prime Minister Shehbaz Sharif said the government was committed to steering the country towards an economic turnaround through structural reforms, institutional changes, and a renewed focus on meritocracy, Associated Press of Pakistan (APP) reported on Saturday.
Addressing a group of Pakistani students enrolled in leading international universities under the government's Uraan Pakistan Summer Scholars Programme, the prime minister said the coalition government had assumed office in 2023 at a time when the country was on the brink of default.
'The majority believed Pakistan would default, while a small minority held hope that we might avoid it,' he said, recalling his meetings with the IMF managing director where he assured Pakistan's commitment to stabilising the economy and completing the programme.
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The premier said inflation had surged to 38 per cent and the policy rate stood at 22.5pc at that time, while business sentiment had plummeted. 'The burden was immense, but we moved forward with sincerity and unity. Today, the policy rate has been brought down to below 11pc, and initiatives like Uraan Pakistan have taken off.'
He described the path ahead as 'challenging', noting that successive governments had avoided undertaking structural reforms. 'We must now commit to these long-overdue changes through sustained effort,' he stressed.
براہِ راست: وزیراعظم کی انٹرن شپ پروگرام اڑان پاکستان-سمر اسکالرز کے طلباء سے گفتگو https://t.co/PA3qpznYCI — Government of Pakistan (@GovtofPakistan) July 12, 2025
Highlighting reforms within the Federal Board of Revenue (FBR), he claimed that the government had acted decisively to remove corrupt officials without yielding to political pressure or the culture of sifarish.
'Previously, digitisation efforts were confined to paperwork, manipulated by vested interests,' he said, adding that his government had appointed competent individuals, including a new FBR chairman and expert consultants. 'Today, FBR's operations are increasingly digital, with AI-based tools and faceless interaction becoming the norm.'
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As a result of enforcement efforts, he said, revenue collection in one sector alone had increased from Rs12 billion to over Rs50bn in a year, revealing the extent of past tax evasion.
'We face a long and thorny journey, with mountain-like challenges,' the prime minister remarked. 'But we will not shy away from our responsibilities. I believe in teamwork and accountability—those who perform are recognised, and those who don't are shown the door.'
He said failure to meet economic goals was not an option. 'Delivery is the name of the game; performance is the name of the game.'
Emphasising the importance of youth development, he said investment in young people was an investment in Pakistan's future. Responding to questions from students, the premier recalled launching merit-based scholarships in Punjab for underprivileged students during his tenure as chief minister.
On climate change, the prime minister noted that Pakistan had suffered massive economic losses during the 2022 floods—estimated at $30bn—despite contributing only a negligible share to global emissions.
Responding to another question, PM Shehbaz addressed recent tensions with India, stating that during May this year, Pakistan responded to 'uncalled aggression' in the aftermath of the Pahalgam incident.
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He said Pakistan had proposed an international investigation into the matter, but India did not respond. 'As a result of Indian aggression, 55 Pakistanis were martyred. We responded in self-defence by downing six Indian aircraft,' he claimed, adding that on May 9 and 10, Pakistan had retaliated with full force.
He lauded the armed forces for their professionalism and reiterated that Pakistan's nuclear programme was solely for peaceful purposes and national defence.
The prime minister expressed confidence in the students selected under the Uraan Pakistan programme and extended best wishes for their academic and professional journeys.