Prime Minister Shehbaz Sharif said on Tuesday that Pakistan cannot continue to rely on loans, as borrowing weakens the country’s economy and breaks its backbone.

Speaking at the 9th Future Investment Initiative Conference in Riyadh, the prime minister took part in a high-level discussion on the theme “Is Humanity Moving in the Right Direction?”

He said that global cooperation is essential for the survival of humanity, warning that the consequences of inaction would be painful.

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The premier has praised Saudi Crown Prince Mohammed bin Salman for hosting the grand event and said that Pakistan has fully digitalised the Federal Board of Revenue to curb corruption. He made it clear that the digitalisation process closed many doors to malpractice and aimed to ensure transparency in tax collection.

He said that Pakistan faced losses worth $130 million and recalled that millions of people were displaced in the past due to landslides. He added that once again, climate change has severely affected the country.

The premier said that Pakistan climbed the ladder of success but slipped back due to recurring economic challenges. He stressed that the nation must move forward through hard work, using its youth and natural resources to rebuild the economy.

He said that the country is guiding artificial intelligence (AI) in the right direction and must use it wisely for national progress. He emphasised that introducing AI technology in agriculture could strengthen Pakistan’s economy.

The prime minister said that Pakistan is training its young generation in information technology and artificial intelligence to help them play a constructive role in the country’s future.