Prime Minister Shehbaz Sharif said on Wednesday that Pakistan has come out of difficult conditions and is close to achieving economic stability.

Addressing a breakfast gathering at the Pakistan Pavilion in Davos, the prime minister said the country has moved out of hardship and is progressing towards stability. He said the policy rate has fallen from 22.5 per cent to 10.5 per cent, while joint and sustained efforts are under way to improve social indicators.

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The prime minister said Pakistan must follow an export-led path to growth. He said key structural reforms have been carried out in the national system and the revenue collection system has been fully digitised. Agricultural exports last year were highly encouraging, he added. He said major investment is now taking place in the minerals sector, while new opportunities have opened up in Gilgit-Baltistan and Azad Jammu and Kashmir due to natural resources. Similar opportunities are emerging in Khyber Pakhtunkhwa and Balochistan. He said encouraging growth has also been recorded in IT and other exports.

PM Shehbaz said the government is moving swiftly to increase IT exports. He said several programmes have been launched to provide skills and training to the youth. Under NAVTTC, young people are receiving training with internationally recognised certification and are being prepared for employment in Gulf countries and other parts of the world. He said Pakistan is also cooperating with various countries in counter-terrorism efforts. He added that the privatisation of PIA was carried out with full transparency.

The prime minister said the privatisation process in Pakistan is being conducted transparently. Inefficient institutions such as the Pakistan Public Works Department, Passco and Utility Stores have been closed, as billions of rupees were being lost due to poor performance. He said differences of opinion may exist, but consensus on a common programme is essential. He said the future is highly promising and the paths to national development are clear, adding that success will come through unity and collective effort.