ISLAMABAD:Prime Minister Shehbaz Sharif on Wednesday expressed optimism about achieving the government’s economic goals within the next six months, crediting the tireless efforts of his economic team for the progress so far.
Addressing a cabinet meeting, the prime minister highlighted that remittances had reached a record $15 billion in the first five months of the fiscal year, with projections to reach $35 billion by the year’s end. He emphasized the government’s success in maintaining macroeconomic stability despite opposition attempts to hinder progress.
Wishing everyone a happy New Year, Shehbaz stated that 2025 held the promise of prosperity for Pakistan. He expressed hope that global economic, political, and security challenges faced in 2024 would see significant improvement in the coming year.
The premier also lauded the launch of the ambitious five-year plan, “Uraan Pakistan,” describing it as a pivotal initiative for the nation’s future. He urged consistent effort to achieve the plan’s objectives and praised the contributions of Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, and other key officials in driving the plan forward.
He noted that the economy had transitioned from stabilization to a growth phase and stressed the importance of export-led growth for sustained economic development.
Shehbaz commended Deputy PM Ishaq Dar, the State Bank Governor, Finance Minister, and Federal Board of Revenue (FBR) officials for collecting an additional Rs72 billion in December through an improved advance tax collection system.
He also credited a $6 million grant from the Bill Gates Foundation for enhancing the FBR’s digitization process, which reduced container inspection times by 39% and provided 89% relief to businesses. Additionally, sugar smuggling to Afghanistan had been curtailed entirely, which Shehbaz attributed to the collective efforts of Minister for Industries Rana Tanvir Hussain, state institutions, and the Army Chief.
Shehbaz emphasized the government’s commitment to transparency, noting that no major scandals had surfaced in the past nine months, which reflected their dedication to good governance. On the issue of terrorism, he assured that law enforcement agencies remained resolute in countering threats to national security.
Inflation and Economic Progress
The prime minister expressed satisfaction over the reduction in inflation to 4.1%, marking an 81-month low. He described this achievement as a significant step toward macroeconomic stability, while acknowledging the need for sustained efforts to further improve living standards.
Shehbaz noted that inflation had fallen from 38% to 4.1%, the policy rate had dropped from 22% to 13%, and the stock market was now the second-best performer globally. He also highlighted a 24-year milestone as the current account turned surplus under the government’s reforms.
He reiterated the government’s commitment to addressing public hardships, vowing to work tirelessly to improve lives further. “Insha Allah, we will continue to make progress, ensuring a brighter future for our nation,” he concluded.
