Underlines the need to achieve the established objectives; Hails national regulatory reforms as a ‘quantum leap’
Prime Minister Shehbaz Sharif along with UK Minister of State for International Development Baroness Jenny Chapman and DPM/FM Ishaq Dar launch the national regulatory reforms in Islamabad. Photo: INP
ISLAMABAD:
Prime Minister Shehbaz Sharif on Saturday said that due to the tireless efforts of the present government and its economic team, Pakistan was economically out of danger as its mega indicators were wonderful.
The prime minister said that when they took over the reins of this government, the national economy was in a very difficult situation.
“We were on the verge of a financial default. Our inflation was galloping and the official interest rate was crippling. So no kind of investment could be imagined in Pakistan, much less FDI. And business in the country was in crisis. But we did not lose hope,” he said while addressing the launch ceremony of the National Regulatory Reforms, broadcast live on national television channels.
Of course, he said, those were very daunting challenges to look at in the face, but through excellent teamwork, excellent planning and tireless efforts, the country emerged from economic problems.
He also stressed the need to shed blood and sweat to achieve the set goals and turn dreams into reality.
“And this was the commitment, the unwavering determination to walk that very difficult path in the last year and a half. And here we are. And today, Alhamdulillah, we are discussing how to move forward and grow our economy,” he observed.
The prime minister also referred to the news about IMF approval of Pakistan’s $1.2 billion tranche.
The Prime Minister said that earlier, the industrialists, businessmen and all sections of society who had been suffering immensely at the hands of very cumbersome rules, regulations and procedures had really dealt a heavy blow to the overall economic environment.
They were working to have foreign investment in very attractive areas of mutual benefit to the countries of Pakistan, agriculture, IT, mines and minerals, he added.
He said: “We have a very young population and youth abound. We offer them ample vocational training and international certification opportunities. They will find productive jobs not only in Pakistan but also abroad, making Pakistan richer and more prosperous.”
Terming the launch of the regulatory framework as “a quantum leap”, he said this would facilitate business community, industry, agriculture, FDI from Europe, Far East and Middle East, adding that this would also eliminate immense waste of time and resources that led to corruption and nepotism.
“So, I think today is a great day because now we can announce and let the nation, 240 million people, know that the government is fully aware of the challenge of the day and is ready to walk with them at the speed that they want us to walk,” he added.
The prime minister also praised the relevant team of the federal government that worked in coordination with the provincial governments.
He also criticized the British government and International Development UK for their support.
The Prime Minister said that the UK had been a great partner in Pakistan’s progress, like many other friends of Pakistan in the Middle East, Saudi Arabia, etc.
He said Pakistan had a wonderful relationship with the United States and they were looking forward to a wonderful time of mutual cooperation.
Speaking on the occasion, Special Assistant to Prime Minister Haroon Akhtar said that today marked more than a political moment as it marked a turning of the page. Among the many reforms the government was undertaking, one stood out as being fundamental; the transformation of Pakistan from a regulatory state to a developmental state.
He said regulatory reform was not an isolated effort. It was part of a broader transformation guided by three pillars: tariff rationalization, regulatory modernization and export-driven industrial revival.
Under the new national tariff policy, they are moving towards predictability, competitiveness and the gradual elimination of arbitrary duties, he added.
The Right Honorable Baroness Jenny Chapman, Minister of State for International Development of the United Kingdom, in her remarks also highlighted the full potential, prospects of entrepreneurship, availability of natural resources and Pakistan’s place at the center of global trade.
Terming the reforms a positive achievement, he said these were shared ambitions for the UK and Pakistan.
“And the links between our peoples also play a huge role in the flow of trade and investment between our two countries. Trade now stands at £5.5bn a year. We have a new trade dialogue and we support Pakistan’s efforts to work with the 1.6 million diaspora Pakistanis in the UK to unlock private capital,” the Baroness added.
Relations with the United Kingdom
Prime Minister Shehbaz Sharif on Saturday underlined that Pakistan and the United Kingdom enjoyed a long-standing relationship based on shared history, strong institutional ties and mutual respect.
He also highlighted the dynamic role of the British-Pakistani diaspora, which continues to serve as a vital bridge between the two countries.
The Right Honorable Baroness Jenny Chapman, UK Minister of State for International Development, visited the Prime Minister. Baroness Chapman is currently on an official visit to Pakistan, the PM Office Media Wing said in a press release.
The Prime Minister and Baroness Chapman exchanged views on matters of mutual interest, including development cooperation, climate resilience, economic engagement and broader regional issues.
Both sides reaffirmed their shared commitment to further deepen cooperation in these key areas.
The Prime Minister welcomed the visit as an important opportunity to advance bilateral dialogue and expressed confidence that it would contribute to strengthening the partnership between Pakistan and the United Kingdom.
