Staff Report
Prime Minister Shehbaz Sharif on Tuesday commended his government for steering Pakistan out of multiple crises and preventing financial collapse with the support of friendly nations.
Addressing a cabinet meeting reviewing the government’s one-year performance, he credited his team for achieving economic stability and vowed to transform Pakistan into a $1 trillion economy by 2035.
Economic Recovery and Challenges
The prime minister highlighted the government’s efforts to meet the International Monetary Fund (IMF) conditions, revealing that securing $5 billion in financial assistance was only possible through diplomatic efforts, including visits by himself and Chief of Army Staff Gen Asim Munir to friendly countries.
Expressing confidence in economic turnaround, PM Shehbaz emphasized expediting Rs400 billion worth of tax cases pending in courts and addressing Rs850 billion in losses from state-owned enterprises. He also reiterated the government’s commitment to ending circular debt in the power sector.
To provide relief during Ramazan, the government has rolled out a Rs20 billion package benefiting four million families through a digital wallet system, ensuring each receives Rs5,000 while preventing financial mismanagement.
Global Affairs and Diplomatic Success
Condemning the blockade of the Gaza corridor, PM Shehbaz denounced the killing of over 50,000 Palestinians by Israel and urged the international community to support the people of Kashmir and Palestine.
Foreign Minister Ishaq Dar announced that Pakistan had overcome its diplomatic isolation, securing a seat at the UN Security Council for 2025-26 and hosting major international conferences like the Shanghai Cooperation Organization (SCO) summit after a 27-year gap. He also underscored the climate change challenges facing Pakistan.
Economic and Energy Reforms
Finance Minister Muhammad Aurangzeb provided an economic overview, reporting a 71% return in the Pakistan Stock Exchange and the highest current account surplus in 20 years. He detailed initiatives such as rightsizing 43 ministries, pension reforms, agriculture taxation, and a faceless tax assessment system that boosted revenue by 60%.
Power Minister Awais Leghari outlined key energy sector reforms, noting a reduction of Rs151 billion in industrial cross-subsidy and the solarization of 4,000 tube wells in Balochistan, which is expected to save Rs100 million in losses.
Digital Expansion and Development Initiatives
Minister of State for IT Shaza Fatima Khawaja highlighted the sector’s growth, revealing that 15 million new broadband subscribers were added, with the telecom industry contributing Rs341 billion to the national economy.
Planning Minister Ahsan Iqbal reaffirmed the government’s commitment to long-term development under the ‘Uraan Pakistan’ roadmap, focusing on five key growth corridors.
Additional reports were presented on anti-smuggling measures, the Green Pakistan Initiative, and the Special Investment Facilitation Council’s (SIFC) contributions to agriculture and livestock.
With its economic and governance reforms, the government aims to sustain growth and financial stability, while addressing national and international challenges.
