ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif, Wednesday, underlining the significance of the whole of the government’s approach to tackling pending economic challenges, urged all stakeholders to move ahead on the path of economic growth with collective endeavours.
Addressing the inaugural session of ‘Pakistan Governance Forum 2026’, the prime minister said in June 2023, Pakistan was at the verge of default, but with the grace of Allah Almighty and with collective efforts, the government pulled back the country and within two years, macro economic situation was stabilized due to the great team work of the federal, provincial governments and the military hierarchy.
The galloping inflation which was hovering around 35 percent at that time had been capped under 7 percent, policy rate was brought to 10.5 percent, he said, adding that they had to further increase their exports in gradual manner as it had immense capacity to excel.
The prime minister said that certain reforms introduced by the government were home grown and the IMF had no role in it as it was their requirement and need of the time to avert the boom and bust cycle.
He further said in the power sector, the price of power per unit had been slashed by Rs9 while the solar investment was protected and commended the minister for power and his team for making efforts in this regard.
The prime minister regretted that the country was enduring 200 billion rupees power theft and only the whole of the government approach could tackle this issue.
He also highlighted the necessity of closure of Utility Stores, which according to him was ‘a den of corruption and theft.’
The prime minister also cited Pakistan Works Department (PWD) and said it was a department tainted with corruption and closure of these entities saved billions of the nation.
With PM’s Ramazan Package an amount of Rs38 billion was being distributed to the deserving people through digital wallets in a dignified and transparent manner, he added.
The ceremony was attended by chief ministers, ministers, provincial ministers, experts, diplomats, investors, businessmen, traders and officials.
Emphasising the need of collective efforts in the economic sector, the prime minister said “Though the journey can be a long, arduous and thorny one, but we have accepted the challenge. Pakistan will carve its due place soon.”
The prime minister further reiterated that it was not the job of the government to do businesses rather it had to facilitate the private sectors, exporters and investors and support their efforts in the productivity and growth.
The government was encouraging the exporters, investors and businessmen with diverse incentives, he added.
He said the country was blessed with immense resources and expressed the confidence that with joint efforts and strong will within few years, Pakistan would leave behind different countries in terms of economic strength.
The prime minister also underlined the need to enhance tax net and said currently due to different initiatives, the country’s tax to GDP had reached to 10.5 percent.
He highlighted the importance of growth and production, exports and investment, FDI and across the board reduction in indirect taxes in the upcoming fiscal budget.
The prime minister regretted that indirect taxes taken from the consumers and end users were not being deposited with the government which was a huge injustice with the nation.
He said the surge in taxes was also achieved in sugar, cement, and tobacco sector.
The IT sector had witnessed 34 percent growth but it had more potential and stressed upon utilizing youth bulge, saying they should be imparted technical and vocational expertise and training because the IT, AI led initiatives would transform all other sectors of the country.
He also appreciated the minister for planning for the Uraan Pakistan and the whole of the government system which would prove successful.
Minister for Planning, Development and Special Initiatives Ahsan Iqbal, in his address, said that the forum was designed to reach to actionable solutions after holding debates and sharing perspectives for the future economic progress.
He said a good governance system was shaped by setting targets and the efforts for their achievement, adding the good governance should be merit based, transparent and citizens focused.
The minister said Uraan Pakistan was launched with the same objective which would serve as a transitional role for the country’s economy.
He said in the last two years, the incumbent government had brought back the country from the brink of bankruptcy.
Ahsan Iqbal said the transformational path, if adopted with full capacity and given a positive synergy, Pakistan would be $1 trillion economy by 2035.