Ek Saal Bemisaal – A Year of Unprecedented Progress

Express Tribune

09-03-2025

Ek Saal Bemisaal stands as a defining moment in Pakistan's journey towards economic stability, governance excellence, and social development. Under the leadership of Prime Minister Muhammad Shehbaz Sharif, the past year has witnessed remarkable achievements that have positioned the country on a route to growth and progress. This year has not only been about economic recovery but also about restoring investor confidence, improving governance mechanisms and ensuring that the benefits of development reach every segment of society. As Pakistan reflects on the milestones achieved this one-year journey, it is evident that a solid foundation has been laid for a prosperous and sustainable future.
One of the most remarkable milestones of this year has been the government's efficient handling of the economy, particularly securing a critical agreement with the International Monetary Fund (IMF). This agreement prevented Pakistan from facing a financial collapse, ensuring macroeconomic stability and setting the stage for sustainable growth. Investor confidence, which had been shaken in previous years, saw a revival, leading to improved financial indicators. The policy rate, which stood at an alarming 22% in March 2024, was successfully reduced to 12% by January 2025, providing a much-needed boost to business activity and investment. The value of the Pakistani Rupee (PKR) appreciated significantly, further reinforcing the country's economic fundamentals and strengthening its global market standing.
A major challenge inherited by this government were the rising and unstable inflation rates, which had previously placed a severe financial burden on households. Over the past year, inflation has been brought down from a staggering 38% to an incredibly low rate of 2.4%, offering immense relief to the people of Pakistan. Essential commodities, particularly food and beverages, experienced a remarkable 48% price decline, allowing citizens to afford daily necessities without hardship. The government's meticulous approach to managing inflationary pressures, stabilizing supply chains, and curbing unnecessary price hikes has been one of its most significant successes.
Infrastructure development has remained at the core of the government's agenda, with multiple projects initiated to modernize Pakistan's transportation and trade networks. Under the China-Pakistan Economic Corridor (CPEC), several groundbreaking initiatives were launched, including the inauguration of Gwadar International Airport, which is expected to transform Gwadar into a global trade hub. The expansion and rehabilitation of motorways across the country have enhanced connectivity, facilitating domestic and international trade. In Islamabad, the Serena Chowk underpass project is currently underway to address urban congestion, while the F-8 interchange has been successfully completed, streamlining traffic flow in the capital. These infrastructure advancements are not just symbolic but are critical drivers of economic growth, providing ease of movement for businesses and individuals alike.
Social welfare has been another domain where the government has made a lasting impact. The launch of the PKR 20 billion Ramadan package has provided direct financial assistance to four million deserving families, ensuring that economic relief reaches those who need it the most. Unlike past schemes, where financial mismanagement was rampant, the introduction of the digital wallet system has ensured transparency and accountability, eliminating corruption and leakages in the distribution of funds. Each family receiving PKR 5,000 through this digital system marks a paradigm shift in how social welfare programs are implemented in Pakistan. Additionally, the Sasta Aata Scheme has provided subsidized flour to citizens, while the Benazir Income Support Program continues to uplift financially weaker households. The government's unwavering commitment to social protection reflects its deep-rooted vision for an inclusive Pakistan where economic stability benefits all citizens, not just a select few.
The economic landscape has also witnessed unparalleled growth, with the Special Investment Facilitation Council (SIFC) playing a crucial role in attracting foreign direct investment (FDI). The Pakistan Stock Exchange (PSX) reached a historic high of 117,000 points, a testament to the renewed confidence of local and international investors in the country's economic trajectory. Foreign remittances surged to a record-breaking USD 17.8 billion, reflecting the trust of overseas Pakistanis in the government's policies. Foreign investment inflows also saw a significant boost, further reinforcing Pakistan's position as an attractive investment destination. With the country's GDP growth recorded at 2.5%, a current account surplus of USD 1.21 billion, and a 10% increase in exports from July 2024 to January 2025, the nation is steadily marching towards economic resilience. These accomplishments have led to consistent upgrades in Pakistan's international credit ratings, strengthening the country's economic credibility on the global stage.
Diplomatic engagements have been another defining feature of this government's tenure. Pakistan's successful hosting of international events, including the Champions Trophy 2025, the CAYA Youth Summit in Islamabad, and the Shanghai Cooperation Organization (SCO) meetings, has projected the country as an active and responsible member of the global community. These events have not only enhanced Pakistan's international reputation but have also provided avenues for fostering stronger economic and strategic ties with key allies. The government's ability to navigate complex geopolitical landscapes and enhance Pakistan's diplomatic footprint showcases its vision for a progressive and globally engaged Pakistan.
During a special cabinet meeting held at the Jinnah Convention Centre, Prime Minister Shehbaz Sharif lauded the performance of his ministers over the past year and emphasized that all economic indicators were showing a positive trajectory. He reiterated that under his leadership, there had not been a single case of corruption, a testament to the government's commitment to transparency and accountability. The Prime Minister also emphasized that the government had successfully averted default, leading to an economic turnaround that is now yielding visible results.
He further highlighted the importance of resolving pending tax cases amounting to PKR 400 billion, with the Sindh High Court already providing relief in a PKR 23 billion case. Addressing another critical challenge, he called for the elimination of PKR 850 billion in losses incurred by loss-making state-owned enterprises that must be plugged for long-term financial stability. The government's efforts to curb circular debt in the power sector are also an important part of its broader economic stabilization strategy.
The success of this government's first year is not just reflected in numbers but in the tangible impact it has had on the lives of ordinary Pakistanis. From providing financial relief to four million families through the Ramadan package to transforming the investment climate, from reviving economic confidence to enhancing diplomatic engagements, every initiative has been taken with the aim of securing a stronger and more prosperous Pakistan.
Ek Saal Bemisaal is not just a slogan – it is a reality. The past year has been a remarkable journey of resilience, progress, and reform. The government's economic policies, social initiatives, and diplomatic efforts have collectively set Pakistan on a path towards sustained development. As the nation celebrates this milestone, it is evident that the steps taken over the past year have laid the groundwork for a brighter and more promising future. The momentum gained is not only an affirmation of the government's performance but also a commitment to continued excellence in the years ahead. Pakistan's economic revival, infrastructural development, and social welfare transformation stand as a testament to visionary governance, ensuring that the dream of a prosperous Pakistan is well on its way to becoming a lasting reality.