Prime Minister Shehbaz Sharif chaired a special meeting of the federal cabinet on Tuesday to mark the completion of his government’s one-year tenure, reflecting on economic progress, governance challenges, and future ambitions.
Addressing the cabinet, the prime minister acknowledged the contributions of his coalition partners, emphasizing their role in stabilizing Pakistan’s economy, which was struggling and on the brink of default when his government took over on March 4, 2024.
"Today, we have emerged from that crisis," he said, citing endorsements from IMF, World Bank, and other international organizations that recognise Pakistan’s path to economic stability.
He further recalled that the cabinet was expanded two days ago, adding that the ability, hard work, and commitment of the cabinet members would benefit him, the nation, and the people.
Economic achievements and challenges
PM Shehbaz credited PML-N leader Nawaz Sharif and his allies in the previous PDM government for their collective efforts in reviving the economy, bringing inflation down to 1.6%, and reducing the interest rate from 22.5% to 12%. "We are all in the same boat, moving forward hand in hand," he stressed.
He also highlighted the government’s negotiations with the IMF and financial assistance from Saudi Arabia and the UAE in securing economic stability. However, he also questioned who those people were writing letters to the IMF not to help Pakistan while the government was negotiating with the Fund.
The PM acknowledged that the government and officials worked day and night to secure the IMF program, adding that it was difficult to meet overnight the $5 billion shortfall for the Fund. "The army chief and I went to friendly countries for help," he recalled.
He acknowledged that Pakistan’s journey towards economic prosperity is still ongoing, adding that the country aims to stand on its own feet by 2029. Plans are in place to reduce circular debt, digitize institutions, and boost IT exports to strengthen revenue streams. He also vowed to increase country's exports to $60 billion by 2029, and expressed the determination to make the country a trillion-dollar economy under Vision 2035.
Ramadan relief and humanitarian concerns
The PM said that the government had allocated Rs20 billion for relief initiatives during the ongoing holy month, nearly three times higher than last year’s Rs7 billion package. PM Shehbaz assured that this year’s Ramadan relief efforts would be free of mismanagement and irregularities, ensuring there are no complaints of Utility Stores.
He also expressed solidarity with the people of Palestine and Kashmir, condemning the ongoing oppression in these regions.
Security and counterterrorism efforts
PM Shehbaz raised concerns over the resurgence of terrorism, particularly in Khyber Pakhtunkhwa and Balochistan, questioning who was responsible for bringing back extremist elements. He stressed that Pakistan will only take off on the journey of progress and prosperity when terrorism is eliminated. He emphasized that Pakistan’s security forces continue to sacrifice for the nation’s peace and vowed to eradicate terrorist networks, recalling that terrorism was largely eliminated in 2018 under Nawaz Sharif’s leadership.
Future aspirations: Space, IT, national progress
PM Shehbaz reaffirmed Pakistan’s commitment to advancing in the technology and space sectors, highlighting the ongoing astronautic project with China. He also stressed the need to end the toxic culture of abusive politics and polarization, urging national unity.
Concluding his speech, he expressed optimism about Pakistan’s future, saying, “Pakistan will regain its lost position in the world, which may be difficult, but not impossible. The time will come when the green passport will be respected worldwide.”
