Prime Minister Shehbaz Sharif says fiscal, structural and governance reforms have restored macroeconomic stability and strengthened investor confidence.
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has said Pakistan has successfully navigated a difficult economic turnaround through rigorous fiscal, structural and governance reforms, restoring macroeconomic stability and improving investor confidence.
The prime minister made the remarks on Friday while hosting a breakfast meeting for Asian Development Bank (ADB) Vice President for South, Central and West Asia Yingming Yang.
Prime Minister Shehbaz said the government’s corrective measures had strengthened Pakistan’s economic position and contributed to stable outlook upgrades from major international credit rating agencies, including Fitch, Moody’s and S&P.
Pakistan, ADB review Country Partnership Strategy
The meeting reviewed Pakistan’s long-standing development partnership with the ADB and discussed priority interventions under the new Country Partnership Strategy (CPS) 2026–2030.
Welcoming Yingming Yang on his first official visit to Pakistan in his current capacity, Prime Minister Shehbaz appreciated the ADB’s continued professionalism and responsiveness in supporting transformative projects in urban infrastructure, transport and public services.
He reiterated the government’s commitment to long-term economic transformation and said administrative bottlenecks were being addressed through dedicated execution task forces aimed at ensuring timely implementation of key initiatives.
ML-1 railway upgrade discussed
A major focus of the meeting was the modernisation of the Main Line-1 (ML-1) railway corridor, which connects Karachi with Peshawar.
Prime Minister Shehbaz described the ML-1 upgrade as a vital national infrastructure priority, saying the project would help modernise freight logistics, improve regional trade connectivity and support major industrial initiatives.
The participants also discussed the importance of the early groundbreaking of the ML-1 project to accelerate infrastructure development and improve connectivity across the country.
ADB cooperation to cover key economic sectors
The meeting also explored opportunities to expand Pakistan-ADB cooperation in several areas, including private-sector development, small and medium-sized enterprises (SMEs), energy security and food security.
The two sides also discussed strengthening Pakistan’s export competitiveness and increasing cooperation in emerging areas such as artificial intelligence (AI) and information technology (IT).
The meeting concluded with a mutual commitment to translate the strategic priorities of the ADB Country Partnership Strategy 2026–2030 into concrete and high-impact projects aimed at promoting sustainable economic growth and improving living standards for people across Pakistan.