Prime Minister Shehbaz Sharif said on Saturday that the country’s economy was finally back on its feet and was ready to take off again following a year of dedicated efforts by the government’s economic team.
“Pakistan’s journey from darkness to light in a year is the result of a collective effort,” the premier said while addressing a ceremony commemorating ‘Youm-e-Tameer-o-Taraqqi’ (Day of Development and Progress) as the government completed its first year in power.
He highlighted that the financial sector had overcome significant challenges and was now on a path to sustained recovery and progress.
The premier elaborated that the government successfully engaged with the International Monetary Fund (IMF) to secure a $7 billion loan programme which saved the country from declaring a default.
Although the nation faced challenges due to the IMF’s tough conditions, he emphasised that the economy had now stabilized and was ready to move toward sustained progress and development.
PM Shehbaz said the salaried class had to suffer the most due to the IMF programme as it was now collectively paying Rs300 billion in taxes. He also paid special tribute to the salaried class for contributing such high taxes.
The prime minister stated that the inflation rate had been reduced from 40% to as low as 2.4% in January 2025, leading to a decline in the policy rate.
He urged the business community to support the government’s efforts to stabilize the economy, emphasising that their involvement was crucial.
He assured that the government would fully engage the business community in the policymaking process, as economic growth could not be achieved without consulting the private sector.
