Prime Minister Shehbaz Sharif has pledged to revive Pakistan’s economy through bold structural reforms and institutional changes. Speaking to students under the Uraan Pakistan Summer Scholars Programme in Islamabad on July 12, he said the government assumed office in 2023 when Pakistan was close to default, but managed to avoid it through unity and hard decisions.
Turning the Tide on Economic Crisis
The prime minister recalled how inflation had soared to 38% and the policy rate hit 22.5% during the crisis. Business confidence had collapsed, and the IMF programme was on the verge of failure. However, he said strong commitment led to a turnaround. “We brought the policy rate down to below 11%. Programmes like Uraan Pakistan reflect our progress,” he added.
Reforming the FBR and Fighting Corruption
Shehbaz said previous efforts to digitize the Federal Board of Revenue (FBR) were manipulated. His government, he claimed, removed corrupt officials and resisted political pressure. New leadership and consultants introduced AI tools and faceless systems, increasing transparency and reducing tax evasion. “In one sector, tax revenue jumped from Rs12 billion to over Rs50 billion in a single year,” he revealed.
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Challenges Ahead, but Reforms Will Continue
Calling the road ahead “thorny,” he said successive governments had avoided reforms. “Now is the time for difficult but necessary changes. We will recognize performance and reject inefficiency,” he said. He emphasized accountability and said delivery was the government’s top priority.
Youth and Climate: National Priorities
Shehbaz stressed that youth development is key to Pakistan’s future. He recalled launching merit-based scholarships during his tenure as Punjab chief minister to support underprivileged students. On climate change, he cited the $30 billion loss during the 2022 floods, despite Pakistan’s minimal role in global emissions.
India Tensions and National Security
Responding to student questions, the premier addressed recent tensions with India. He claimed that Pakistan responded to “uncalled aggression” in May by downing six Indian aircraft and reaffirmed that Pakistan’s nuclear programme was peaceful and aimed at national defense.
He ended by encouraging the students to serve Pakistan with dedication and skill.
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