stresses the need to achieve set targets; Hailing national regulatory reforms as ‘quantum leaps’
Prime Minister Shehbaz Sharif along with UK Secretary for International Development Baroness Jenny Chapman and DPM/FM Ishaq Dar conduct the launch of the National Regulatory Reforms in Islamabad. Photo: INP
ISLAMABAD:
Prime Minister Shehbaz Sharif said on Saturday that due to tireless efforts of the incumbent government and its economic team, Pakistan was economically out of the woods as its mega indicators were wonderful.
The Prime Minister said when they took over the reins of this government, the national economy was in a very difficult situation.
“We were on the brink of financial default. Our inflation was galloping and the policy rate was crippling. So one could not imagine any kind of investment in Pakistan, let alone FDIs. And business in the country was in turmoil. But we did not lose hope,” he said while addressing the launch ceremony of the National Regulatory Reforms, which was broadcast live on national television channels.
Of course, he said, these were very daunting challenges, just looking into their faces, but through exceptional teamwork, excellent planning and tireless efforts, the country was out of economic trouble.
He further emphasized the need to shed blood and sweat to achieve the set goals and turn the dreams into reality.
“And this was the commitment, the unwavering will to walk the very difficult path for the last year and a half. And here we are. And today, Alhamdulillah, we are now discussing how we can now move forward and grow our economy,” he noted.
The prime minister also referred to the news that the IMF approved Pakistan’s $1.2 billion tranche.
The Prime Minister said that erstwhile industrialists, businessmen and all walks of life who had suffered immensely at the hands of very onerous rules and regulations and procedures had really dealt a severe blow to the overall economic environment.
They were working to have foreign investment in very attractive areas of mutual benefit to countries in Pakistan, agriculture, IT, mines and minerals, he added.
He said: “We have a very young population, young bulge. We offer them huge opportunities for vocational training and with international certification. They will find productive jobs not only in Pakistan but abroad, making Pakistan richer and prosperous.”
Terming the launch of the legislative framework as “a quantum leap,” he said this would facilitate business, industry, agriculture, foreign direct investment from Europe, from the Far East, from the Middle East, adding that this would also take care of huge waste of time and resources which led to corruption and nepotism.
“So I think today is a great day that we are now able to announce and let the nation know, 240 million people, that the government is fully aware of today’s challenge and they are ready to go with them at the speed they want us to go,” he added.
The Prime Minister also praised the relevant team of federal governments working in coordination with provincial governments.
He also thanked the UK government along with International Development UK for their support.
The Prime Minister said that Britain had been a great partner in Pakistan’s progress, as had many other friends of Pakistan in the Middle East, Saudi Arabia, etc.
He said that Pakistan had a wonderful relationship with the United States and that they looked forward to a wonderful time of mutual cooperation.
Speaking on the occasion, Special Assistant to the Prime Minister Haroon Akhtar said today marked more than a political moment as it marked a turning of the page. Among the many reforms the government was carrying out, one stood out as fundamental; the transformation of Pakistan from a regulatory state to a developing state.
He said regulatory reform was not an isolated effort. It was part of a broader transformation guided by three pillars: tariff rationalization, regulatory modernization and export-led industrial revival.
Under the new national customs policy, they moved towards predictability, competitiveness and phasing out of arbitrary duties, he added.
The Honorable Baroness Jenny Chapman, UK Secretary of State for International Development, in her remarks also highlighted the full potential, the prospects for entrepreneurship, the availability of natural resources and Pakistan’s place at the center of global trade.
She described the reforms as positive outcomes and said they were the ambitions of Britain and Pakistan that they shared.
“And the links between our people also play a big part in the flow of trade and investment between our two countries. Trade is now £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.
United Kingdom connections
Prime Minister Shehbaz Sharif, on Saturday, emphasized that Pakistan and the United Kingdom enjoyed a long-standing relationship rooted in shared history, strong institutional links and mutual respect.
He also highlighted the dynamic role played by the British Pakistani diaspora, which continues to act as a vital bridge between the two countries.
The Honorable Baroness Jenny Chapman, UK Secretary of State for International Development, urged the Prime Minister. Baroness Chapman is currently on an official visit to Pakistan, the PM Office Media Wing 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 joint commitment to further deepen cooperation in these key areas.
The Prime Minister welcomed the visit as an important opportunity to promote bilateral dialogue and expressed confidence that it would help strengthen the partnership between Pakistan and the United Kingdom.
