Pakistan PM says economy 'out of the woods', launches regulatory reforms to boost investment

Pakistan’s Prime Minister Shehbaz Sharif on Saturday said the country has emerged from a severe economic crisis, citing “wonderful” improvements in key economic indicators and promising reforms to attract investment.

Speaking at the launch of the National Regulatory Reforms, Sharif told reporters that when his government took office, the national economy was on the brink of financial collapse, with soaring inflation, high policy rates, and a faltering business environment, according to the state-run wire service.

“Through our outstanding teamwork, excellent planning and untiring efforts, I can say today with a sense of relief and achievement that Pakistan is economically out of the woods; our mega indicators are wonderful,” he said, referencing the recent approval of a $1.2 billion tranche from the International Monetary Fund (IMF).

Sharif added, “We were at the verge of financial default. Inflation was galloping, policy rates were crippling, and investment was almost impossible. Yet, through teamwork, planning, and persistent efforts, Pakistan is now out of economic woes.”

He emphasized that the government is focused on easing cumbersome regulations that had previously hindered industrialists, businesses, and foreign investors, underlining that these reforms aim to stimulate domestic growth and attract foreign investment.

The prime minister underscored initiatives to attract foreign investment in agriculture, IT, mining, and other strategic sectors, stressing Pakistan’s “young population” as a key asset. He said vocational training with international certification would equip youth for productive jobs both domestically and abroad.

Terming the regulatory framework launch a “quantum jump,” Sharif said it would streamline business processes, reduce waste, curb corruption, and encourage both domestic and foreign investment from Europe, the Middle East, and East Asia.

Sharif also commended federal and provincial teams for their coordination and thanked international partners, including the United Kingdom’s International Development UK, Saudi Arabia, and the United States, for supporting Pakistan’s economic progress.

“This government is fully aware of today’s challenges and ready to work alongside the nation to achieve growth,” he added, projecting confidence in Pakistan’s economic recovery and future prospects.