Prime Minister Shehbaz Sharif digitally launches PSDP data portal in Islamabad. Photo: APP
ISLAMABAD:
Prime Minister Shehbaz Sharif, emphasizing the importance of the government’s comprehensive approach to address the looming economic challenges, on Wednesday urged all stakeholders to move forward on the path of economic growth through collective efforts.
Addressing the inaugural session of the ‘Pakistan Governance Forum 2026’, the Prime Minister regretted that the country was experiencing power theft of Rs 200 billion and only the entire government approach could resolve this problem.
Highlighting the need for collective efforts in the economic sector, the Prime Minister said, “Though the journey may be long, arduous and thorny, we have accepted the challenge. Pakistan will soon find its rightful place.”
The Prime Minister further reiterated that it is not the government’s job to do business, but rather to facilitate the private sector, exporters and investors and support their efforts towards productivity and growth.
The government is encouraging exporters, investors and businessmen with various incentives, he added.
He said that the country had immense resources and expressed confidence that with joint efforts and strong will, within a few years, Pakistan would leave behind different countries in terms of economic strength.
The Prime Minister also highlighted the need to improve the net tax rate and said that currently, through different initiatives, the country’s tax rate to GDP had reached 10.5 percent.
He highlighted the importance of growth and production, exports and investments, FDI and general reduction in indirect taxes in the upcoming fiscal budget.
The Prime Minister regretted that indirect taxes levied on consumers and end users were not returned to the government, which constituted a huge injustice to the nation.
He said the tax hike was also carried out in the sugar, cement and tobacco sectors.
The IT sector grew by 34 percent, but it had more potential and emphasized on utilizing the youth, saying they should be provided with technical and vocational expertise and training as IT and AI-led initiatives would transform all other sectors in the country.
He also appreciated the Planning Minister for Uraan Pakistan and the entire government system which would prove to be effective.
Minister of Planning, Development and Special Initiatives Ahsan Iqbal in his speech said that the forum was designed to arrive at concrete solutions after holding debates and sharing perspectives for future economic progress.
He said a system of good governance was shaped by setting goals and striving to achieve them, adding that good governance should be merit-based, transparent and citizen-driven.
The minister said that Uraan Pakistan was launched with the same objective, which would serve as a transitional role for the country’s economy.
He said that over the past two years, the incumbent government had brought the country back from the brink of bankruptcy.
Ahsan Iqbal said that the transformation path, if adopted with full capacity and positive synergy, Pakistan would be a trillion dollar economy by 2035.
