Islamabad, February 8, 2025 – Prime Minister Shehbaz Sharif on Saturday acknowledged the resilience and dedication of the salaried class, commending them for bearing a significant tax burden amid the stringent conditions imposed by the International Monetary Fund (IMF).
Addressing an event marking Youm-e-Tameer-o-Taraqqi, PM Shehbaz highlighted their crucial role in stabilizing the country’s economy.
PM Shehbaz noted that the salaried class had shouldered the highest tax contributions, collectively paying Rs 300 billion. He expressed his gratitude for their sacrifices, emphasizing that their contributions were essential for the country’s fiscal recovery. He further assured that the government remained committed to easing the financial burden on salaried individuals while ensuring long-term economic stability.
Speaking about Pakistan’s economic trajectory, PM Shehbaz stated that after a year of relentless efforts by the government’s economic team, the economy was now poised for a significant turnaround. He lauded the financial sector’s recovery and stressed that Pakistan had successfully transitioned from economic turmoil to stability, largely due to a collaborative effort between the government and stakeholders.
“We have overcome major economic hurdles, and today, Pakistan stands on the path of sustainable growth,” PM Shehbaz said. He credited the government’s negotiations with the IMF, which secured a $7 billion, three-year financial package in September 2024, preventing the country from defaulting. He acknowledged that while the IMF conditions were tough, they were necessary for economic stabilization.
The prime minister highlighted the substantial decrease in the inflation rate, which dropped from 40% to 2.4% in January 2025. He encouraged the business community to play a proactive role in the nation’s economic stability, reaffirming the government’s commitment to engaging them in policymaking.
PM Shehbaz emphasized the government’s crackdown on cross-border smuggling, citing the legal export of sugar to Afghanistan, which generated $211 million in foreign exchange. He praised the Pakistan Army and law enforcement agencies for their unwavering efforts in controlling illicit trade.
Discussing privatization, PM Shehbaz reiterated the government’s determination to minimize state involvement in business activities. “We are accelerating the privatization process to promote efficiency and competitiveness,” he said. He also addressed the resurgence of terrorism, blaming the previous administration’s mismanagement for the setback. “Without eradicating terrorism, economic growth and national progress cannot be achieved,” he asserted.
Calling for unity and cooperation among all sectors of society, PM Shehbaz underscored the need for peace, stability, and economic progress. He vowed to leave a lasting legacy that would put Pakistan on the road to sustainable development. He also expressed optimism about the success of the recently launched “Uraan Pakistan” program, designed to enhance economic productivity and export potential.
Finance Minister Muhammad Aurangzeb reaffirmed the government’s success in curbing inflation and lowering the policy rate to 12%, reducing the debt burden. He noted that for the first time, Pakistan was undergoing rigorous structural and pension reforms.
Planning Minister Professor Ahsan Iqbal emphasized the importance of policy continuity, stating that under the “Uraan Pakistan” initiative, the country aimed to reach an export target of $100 billion within five years. He proposed exempting export-led industries from national holidays to maximize output.
Information Minister Attaullah Tarar commended PM Shehbaz for prioritizing the nation’s interests over political gains. He recognized the business community’s unwavering support in Pakistan’s economic development.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, also addressed the gathering, expressing confidence in the government’s commitment to economic reforms.