Key points
- IMF projects growth rise from 2.6% to 3.2%
- Government focusing on foreign investment in key sectors
- Regulatory reforms to eliminate corruption and inefficiency
ISLAMABAD: Prime Minister Shehbaz Sharif stated on Saturday that Pakistan had overcome a period of economic turmoil, with key indicators now showing “wonderful” performance, thanks to the government’s efforts.
The International Monetary Fund (IMF) has projected that the immediate risk of an economic collapse has been mitigated, although Pakistan remains on a narrow stabilisation path. The IMF’s latest projections show Pakistan’s economic growth is expected to rise from 2.6% in FY2024 to 3.2% by FY2026.
Speaking at the launch of the National Regulatory Reforms in Islamabad, the Prime Minister expressed relief and pride, noting that when the current government assumed power, the country was facing significant economic challenges. “Through exceptional teamwork, planning, and tireless efforts, I can confidently say that Pakistan is economically out of the woods; our major indicators are wonderful,” he said, referring to the recent release of a $1.2 billion IMF tranche.
The Prime Minister also discussed the government’s focus on attracting foreign investment in sectors such as agriculture, IT, and mining, emphasising Pakistan’s young population and the government’s efforts to provide vocational training with international certification.
Quantum leap
Additionally, PM Shehbaz described the regulatory framework’s launch as a “quantum leap” for businesses, industry, agriculture, and foreign investment, which he said would help eliminate corruption and inefficiency in the country.
Special Assistant to the PM for Industry and Production, Haroon Akhtar Khan, highlighted that the regulatory reforms are part of a broader shift towards transforming Pakistan into a developmental state.
He stressed that tariff rationalisation, regulatory modernisation, and export-led industrial revival were central to this transformation.
UK Minister Baroness Jenny Chapman also praised the reforms, acknowledging Pakistan’s potential for trade and entrepreneurship, and stressing the role of the Pakistani diaspora in the UK.
