Prime Minister Shehbaz Sharif has highlighted the need for economic reforms and export-led growth in Pakistan. He shared these views while discussing a recent interaction with the International Monetary Fund (IMF) chief.
Shehbaz said the IMF chief had described Pakistan as a “new Pakistan.” In response, the prime minister said, “It is not a new Pakistan; it is a new team.”
He made these remarks during a gong-ringing ceremony at the Pakistan Stock Exchange. The event marked the listing of Naya Nazimabad Apartments Real Estate Investment Trust (REIT).
The prime minister stressed that Pakistan must shift toward an export-based economy. He said the country needed to address weaknesses in industries that had received government support for decades.
Shehbaz Sharif Highlights Weaknesses in Industrial Sectors
Shehbaz said several industrial sectors had received government subsidies since the 1960s. However, these incentives had not produced a significant increase in exports.
He explained that some industries had raised prices without making sufficient improvements in product quality. Productivity also remained a concern, while efforts to replace imports with locally produced goods had delivered limited results.
The prime minister described this situation as a difficult reality. He said Pakistan could not overcome these challenges without making meaningful changes to its economic approach.
Shehbaz urged exporters to play a central role in strengthening the national economy. He emphasised that sustainable growth required greater export earnings and improved industrial performance.
Government Reports Progress on Economic Reforms
The prime minister also discussed government measures aimed at supporting economic activity. He said incentives introduced for the construction industry were beginning to produce results, particularly in Karachi.
According to Shehbaz, the government had provided Rs. 2.3 trillion in tax breaks to support economic activity. He presented these measures as part of broader efforts to encourage investment and business development.
He also said bankers in the United States and the United Kingdom had appreciated Pakistan’s reform efforts. The prime minister stressed the importance of maintaining progress through continued economic changes.
His remarks came as Pakistan continues to focus on stabilising its economy and strengthening its financial position. Engagement with the IMF remains an important part of the country’s economic policy discussions.
Prime Minister Stresses Exports and Sustainable Growth
Shehbaz said Pakistan needed to maintain its reform momentum and prioritise exports. He emphasised that long-term economic progress required stronger industries and improved productivity.
The prime minister also thanked the chairman of the National Accountability Bureau for recovering land reportedly worth trillions of rupees. He further highlighted what he described as significant progress in Eurobond issuance.
His address focused on economic reforms, industrial competitiveness, and measures to support investment. The government aims to encourage sustainable growth by addressing longstanding weaknesses in the country’s economic structure.
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The prime minister’s comments underscored the need to move beyond subsidies and strengthen industries capable of competing in international markets. He called for a greater focus on exports as Pakistan continues its economic reform efforts.
