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Express Tribune
4 days ago
- Business
- Express Tribune
PM says govt committed to economic prosperity
Listen to article Prime Minister Shehbaz Sharif on Saturday said the government was committed to completing a full economic turnaround through long-overdue reforms, structural changes and by prioritising meritocracy. Addressing a group of Pakistani students enrolled in leading global institutes and selected for the government's Uraan Pakistan Summer Scholars Internship Programme, the prime minister recalled that when his government took charge in 2023, Pakistan was on the brink of default and its fate was hanging in the balance. "The majority viewed that Pakistan would go into default while the minority thought that we will escape this disaster," he said, adding that he held marathon discussions with the IMF managing director and assured that Pakistan would not run into default and achieve the IMF programme. The prime minister said that at that period, the economy was in bad shape, with galloping inflation touching 38 percent while policy rate was hovering at 22.5 percent. The business atmosphere in the country was very skeptical. The prime minister, in his remarks, telecast on national TV channels, further said that they had the huge burden and onus to march in unison and work with sincerity of purpose to change the situation. The joint work paid dividends as now the policy rate was capped under 11 percent. The Uraan Pakistan programme had taken off, he added. "The road is very challenging as there were long overdue reforms, and the structural changes had not taken place in the last many decades," he observed, and stressed that Pakistan had to undertake these overdue long structural changes, through untiring and long efforts. He also referred to reforms and digitization of Federal Board of Revenue (FBR) and said that they had shown doors to the corrupt people without being influenced. To weed out corruption in FBR, he was very clear in his mind and took decisions which had never taken without heeding to a culture of any 'Sifarish', he added. The prime minister said that previously, digitization process in FBR was only confined to papers as no practical step was taken and blamed the corrupt and shrewd elements for hoodwinking the system. He said that it did not mean that there was dearth of hardworking and honest bureaucrats who were not given the chance, adding that they had brought forth the best people in FBR, including its chairman, and hired expert consultants. Now, he said digitization was the hallmark of FBR, where working had been converted from papers to multiple initiatives, including AI, and faceless interaction. Through enforcement of these measures, the revenue collection had risen from Rs12 billion to more than 50 billion rupees in one year, showing massive tax evasion in one sector alone, he maintained. The prime minister further emphasized "We have a long and thorny journey and facing mountain like impediments, but I assure that we will not shy away from discharging our duties in the service of the nation." He said that he believed in teamwork and never took credit for any achievement, adding that he saluted those who performed and sent those home who did not show well as "delivery is the name of the game; performance is the name of the game." Terming the economic challenges as difficult, he resolved that they would have to achieve the targets and if they did not, they would have to face the music. Underscoring the significance of country's youth, he said key of success of this country was in their hands and any expenditure on youth was akin to a future investment on the country. Later, responding to students' queries, he recollected that during his tenure as chief minister Punjab, his government had initiated scholarship programmes on merit to facilitate the deprived and poor students in the backward areas of the province. To another question, the prime minister said that due to climate change, Pakistan suffered a lot during 2022 floods, with economy faced $30 billion dollars losses, despite the fact that the country did not contribute a friction of percent in the global greenhouse effects. The prime minister, responding to a question, said that during the month of May, Pakistan faced India's uncalled aggression in the backdrop of Pahalgam incident. He said that he had offered a straight proposal to India to let this matter be investigated by the international bodies, but India never commented on this proposal. As result of Indian aggression, 55 Pakistanis were martyred and they responded in self defence by downing six Indian planes, he said, adding while on May 9 and 10, after India's attack, Pakistan responded with full might and taught the enemy a lesson. The prime minister praised the armed forces for showing their professional capabilities and courage, saying Pakistan won the conventional war. He maintained that Pakistan's nuclear programme was only meant for the peaceful purposes and for the self-defense. The prime minister expressed the hope that students would benefit from the Uraan Pakistan initiative and extended his best wishes for their future.
Business Recorder
4 days ago
- Business
- Business Recorder
PM paints bright picture of ‘economic rescue'
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday credited his government's effective measures for stabilising the economy, citing a sharp fall in inflation and interest rates, as well as a crucial agreement with the International Monetary Fund (IMF) that helped Pakistan avert default. Speaking to students of the Uraan Pakistan Summer Scholars Internship Programme, Sharif painted a picture of economic rescue under his leadership, claiming the country had dodged financial collapse through team work and tough reforms. 'When we took over, inflation was exploding at 38% and the policy rate had hit a punishing 22%. Today, it's down to 11%. We did not just make policies, we worked day and night and left the rest to Allah,' he added. Pakistan's tax-to-GDP ratio lags due to narrow tax net, informal economy: ADB The prime minister said 2023 had brought Pakistan to the brink of default, but his administration pushed through reforms and sealed IMF agreements that stabilised the economy. 'Most thought we'd go bankrupt. I knew we wouldn't,' he said, adding that 'Pakistan has come out of the risk of default.' Sharif did not hold back from criticising what he called a deeply entrenched culture of favouritism and influence-peddling. 'Recommendations start pouring in even before real reform begins,' he said. 'But we were ready. Officers from grades 20 to 22 were shown the door despite pressure from all over the country.' Taking a shot at corrupt practices, he warned, 'Those who lie by swearing on Allah and the Prophet should repent.' He pointed to major reforms at the Federal Board of Revenue (FBR) as proof of his administration's commitment to clean governance. 'Sharp bureaucrats used to game the system. We changed that. Now digitisation and faceless tech are in place and the FBR has collected Rs500 billion through enforcement.' While touting his government's work, Sharif struck a moral tone. 'Allah will ask me what I did in this world and I'll say I worked on merit,' he said, vowing to continue what he called a 'journey full of obstacles.' He praised Pakistan's youth as the backbone of the country's future and said the laptop distribution scheme in Punjab – worth Rs20 billion – was entirely merit-based. 'The future lies with this galaxy of young superstars,' he said. Sharif also took aim at India, referencing the Pahalgam incident and cross-border hostilities. 'Pakistan had no role in that incident, but India used it as an excuse for aggression, killing 55 innocent civilians. We defended ourselves and shot down six enemy aircraft. On May 10, we hit back and it was a strong, united response.' Sharif said Pakistan had offered to support an impartial international investigation, but insisted Islamabad would never shy away from defending its sovereignty. Despite the defiant tone, Sharif said he was not seeking personal accolades. 'I have never taken credit – it has always been about teamwork. We must achieve our goals, or we will face the consequences.' Copyright Business Recorder, 2025
