Shehbaz Sharif stated that despite crises in the country, Pakistan’s economy has strengthened its foundations, and now the real goal is to transform economic stability into growth.
While speaking at an event at the Pakistan Stock Exchange (PSX) in Karachi, the PM said he was pleased to visit the stock exchange, which has achieved significant successes over the past years. He highlighted that by integrating natural resources and the power of labour, the country can be set on the path to progress.
The prime minister said that Karachi is the backbone of Pakistan’s economy, and the role of the private sector is crucial for its development. He emphasized that all sectors must work together to advance the current economic stability further into growth.
The prime minister clarified that the government will fully adhere to the agreement made with the International Monetary Fund (IMF) to ensure sustainable economic stability. He added that Pakistan’s economy will soon enter a new era, and there will come a time when Pakistan will bid farewell to the IMF. Along with this, the PM pledged to meet the tax target in the next six months.
PM Shehbaz Sharif also mentioned that the current interest rate is at 13% and there is potential for further reduction. He stated that he desires the interest rate to drop to 6% to reduce the debt burden on the country and ease the lives of the people.
The PM emphasized that consultation with experienced economic experts is essential for improving the economy. He suggested that experts from Lahore, Karachi, Peshawar, and Quetta should provide the government with actionable recommendations to help pull the country out of the economic crisis and steer it towards stability
Deputy Prime Minister and Foreign Minister Ishaq Dar stated that Pakistan’s diplomatic isolation is now over, and the country has restored its global standing. He said that under the leadership of Prime Minister Shehbaz Sharif, Pakistan was saved from default, and the economy will soon stabilize. Ishaq Dar addressed the stock market traders, reassuring them that there is no cause for despair, and they need to strengthen their positions.
Finance Minister Muhammad Aurangzeb stated that the development of the PSX reflects investors’ confidence in the national economy. He mentioned that the IMF agreement has brought stability to the economy, and its positive effects are now visible in the country’s economic policies. He further added that the government is also working on digitalization within the Federal Board of Revenue (FBR) and ongoing reforms in state-owned enterprises operating at a loss.
The Finance Minister emphasized that reforms in the energy sector are crucial for further advancing the economy. He noted that the government is taking steps to introduce infrastructure reforms to enhance the role of the stock market. Additionally, efforts are underway to reduce the debt burden by lowering the policy rate and cutting federal expenditures.
The Finance Minister concluded by saying that Pakistan’s economy is heading in the right direction, though it is a long journey. Despite this, the government continues to implement reforms in all sectors and is taking step-by-step actions to ensure the sustainability of the national economy.
