underlines the need to achieve the set objectives; Hailes national regulatory reforms as a “quantum leap”
Prime Minister Shehbaz Sharif, UK Minister of State for International Development Baroness Jenny Chapman and DPM/FM Ishaq Dar launch national regulatory reforms in Islamabad. Photo: INP
ISLAMABAD:
Prime Minister Shehbaz Sharif on Saturday said that thanks to the tireless efforts of the incumbent government and its economic team, Pakistan was economically out of the woods as its mega indicators were excellent.
The Prime Minister said that when he 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 our policy rates were crippling. So one could not imagine any kind of investment in Pakistan, let alone FDI. And business in the country was in turmoil. But we did not lose hope,” he said during the launch ceremony of the national regulatory reforms, broadcast live on national television channels.
Of course, he added, these were very frightening challenges, at first glance, but through exceptional teamwork, excellent planning and tireless efforts, the country emerged from economic difficulties.
He further emphasized the need to shed blood and sweat to achieve set goals and turn dreams into reality.
“And it was the commitment, the unwavering determination to walk this very difficult path over the last year and a half. And here we are. And today, Alhamdulillah, we are now discussing how to move forward and develop our economy,” he observed.
The Prime Minister also addressed the news that the IMF has approved Pakistan’s $1.2 billion tranche.
The Prime Minister said that earlier, industrialists, businessmen and all walks of life had suffered immensely due to the very cumbersome rules, regulations and procedures and this had really dealt a big blow to the overall economic environment.
They are striving to attract foreign investment in areas which are highly attractive and of mutual benefit to the countries of Pakistan, namely agriculture, information technology, mining and minerals, he added.
He said: “We have a very young population, a high proportion of young people. We provide them with ample opportunities for professional training and international certification. They will find productive jobs not only in Pakistan but abroad, making Pakistan richer and more prosperous.”
Terming the launch of the regulatory framework as a “quantum leap”, he said it would facilitate business, industry, agriculture, FDI from Europe, Far East and Middle East, adding that it would also address immense waste of time and resources that led to corruption and nepotism.
“So, I think today is a great day that 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 it at the speed that it wants us to walk,” he added.
The Prime Minister also commended the capable team of the federal government who worked in coordination with the provincial governments.
He also praised the British government and International Development UK for their support.
The Prime Minister said that the UK had been an important partner in Pakistan’s progress, like many other friends of Pakistan in the Middle East, Saudi Arabia, etc.
He said Pakistan enjoyed wonderful relations with the United States and they looked forward to a wonderful period of mutual cooperation.
Speaking on the occasion, Special Assistant to the Prime Minister Haroon Akhtar said the day marked more than a political moment as it marked a turning point. Among the many reforms undertaken by the government, one proved fundamental; the transformation of Pakistan from a regulatory state to a developmental state.
He said regulatory reform was not an isolated effort. This was part of a broader transformation guided by three pillars: tariff rationalization, regulatory modernization and export-led industrial recovery.
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, UK Minister of State for International Development, in her speech 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, she said these were the ambitions they shared for the UK and Pakistan.
“And the ties between our people also play a huge role in trade and investment flows between our two countries. Trade is now worth £5.5 billion a year. We have a new trade dialogue and we support Pakistan’s efforts to work with the 1.6 million strong Pakistani diaspora 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 enjoy long-standing relations rooted in shared history, strong institutional ties and mutual respect.
He also highlighted the vibrant 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 media wing of the Prime Minister’s Office said in a press release.
The Prime Minister and Baroness Chapman exchanged views on issues of mutual interest, including development cooperation, climate resilience, economic engagement and wider regional issues.
Both sides reaffirmed their shared commitment to further deepen their cooperation in these key areas.
The Prime Minister welcomed the visit as an important opportunity to advance the bilateral dialogue and expressed confidence that it would help strengthen the partnership between Pakistan and the United Kingdom.
