Economic Crisis Over as Regulatory Reforms Go Live: PM Shehbaz Sharif Declares Triumph
ISLAMABAD: Prime Minister Shehbaz Sharif proclaimed on Saturday that Pakistan has emerged from a challenging economic phase, citing improved key indicators and the launch of National Regulatory Reforms. The event, attended by senior officials, marked the debut of 'Regimeter', Pakistan's first digital regulatory tracker.
In his address, PM Shehbaz highlighted the government's successful efforts in steering the nation away from economic peril. He attributed this to 'outstanding teamwork', 'excellent planning', and 'untiring efforts'. The recent release of a $1.2 billion tranche from the International Monetary Fund was cited as evidence of Pakistan's economic recovery.
The prime minister recalled the nation's economy being in a 'very difficult situation' upon his government's inception. He now emphasizes economic growth through foreign investment in sectors like agriculture, information technology, and mining. PM Shehbaz also addressed the country's demographic strengths, particularly its youthful population.
'We have a very young population, a youth bulge. We are offering them vast opportunities for vocational training with international certification,' he stated. 'They will find productive jobs not only in Pakistan but abroad, making Pakistan richer and more prosperous.'
The launch of the new regulatory framework and the Regimeter portal was described as a 'quantum jump' to streamline business processes and attract investors. The initiative aims to facilitate businesses, industry, and agriculture while reducing waste and potential corruption.
Regimeter will track regulatory reforms and offer feedback to the private sector. PM Shehbaz assured the nation that the government is committed to addressing challenges and adapting to their needs.
The ceremony, organized by the Board of Investment (BoI), showcased Pakistan's business landscape's potential, which has been hindered by complexity. The BoI's regulatory reform mission, guided by global methods, has resulted in 472 approved reforms, a significant step towards economic transformation.
The prime minister praised the leadership of the BoI, Securities and Exchange Commission of Pakistan, and Drug Regulatory Authority of Pakistan for regulatory modernization. Special Assistant to the Prime Minister for Industry and Production, Haroon Akhtar Khan, framed the reforms as a foundational shift, transforming Pakistan from a 'regulatory state to a developmental state'.
The reforms are part of a broader strategy with three pillars: tariff rationalization, regulatory modernization, and export-led industrial revival. Mr. Khan highlighted the new national tariff policy's focus on predictability, competitiveness, and phasing out arbitrary duties.
International partnerships were also emphasized. The UK's support was acknowledged, with trade between the two countries reaching £5.5 billion annually. Baroness Jenny Chapman highlighted Pakistan's potential and the shared ambitions of the UK and Pakistan in reforms and trade.
PM Shehbaz concluded by praising Pakistan's relationship with the US and looking forward to mutual cooperation. The event marked a significant step towards Pakistan's economic recovery and global competitiveness.
