Prime Minister Shehbaz Sharif acknowledged the heavy tax burden on businesses and expressed his willingness to reduce taxes by 15% if circumstances allow. Speaking at the “Day of Construction and Development” event in Islamabad, he emphasized Pakistan’s economic progress over the past year, crediting collective efforts for the turnaround.
He recalled a critical moment in June 2023 when Pakistan’s IMF program was uncertain due to tough conditions. Despite economic hardships and record inflation, he praised citizens’ resilience. His meeting with the IMF Managing Director initially seemed unfruitful, but Pakistan secured a $1 billion commitment through swift budgetary adjustments.
The Prime Minister reassured the business community that future policies would involve their input. He highlighted the September $7 billion IMF loan agreement, which helped prevent default, and pointed to effective anti-smuggling measures and increased sugar exports.
On national security, he expressed concern over the resurgence of terrorism, questioning why stability from 2018 had eroded. His speech reinforced the government’s commitment to economic stability, financial reforms, and national security.
