Prime Minister Shehbaz Sharif on Thursday reiterated the need to focus on sustainable economic growth, job creation, and export promotion, maintaining the achievement of macroeconomic stability was a collaborative team effort.
In a virtual address at the Gong Ceremony of the Pakistan Stock Exchange (PSX) to celebrate the listing of the Naya Nazimabad Apartment REIT scheme, Sharif lauded the joint efforts of the federal and provincial governments and financial institutions in steering the national economy out of severe challenges.
Recalling his recent interactions with international bankers and financial leaders in New York and London, including executives from Citibank, JPMorgan, and Barclays and the Managing Director of the International Monetary Fund, he noted that global financial institutions had commended Pakistan’s implementation of long-overdue structural reforms creating an attractive ecosystem for investment.
He particularly thanked the finance minister, cabinet members, the Federal Board of Revenue, and federal secretaries for establishing a replicable model of teamwork to achieve macroeconomic stability that has brought Pakistan back onto the path of sustainable development.
The prime minister said the successful implementation of reforms and macroeconomic stability were the result of a cohesive partnership between the political hierarchy and military leadership working in complete harmony. Highlighting key economic indicators, he noted that Pakistan successfully achieved a $3 billion Eurobond issuance with $6 billion in offers, while State Bank foreign exchange reserves had risen to around $21.4 billion, alongside commercial bank reserves of $5.5 billion.
He said foreign remittances and I.T. exports were on an upward trajectory, while the Roshan Digital Account was performing robustly. However, emphasizing the need to shift from stabilization to growth, he called for efforts to achieve economic growth driven by technology, employment generation, production, and exports to boost the national economy.
Sharif recalled that the federal budget for 2026-27 offered hundreds of billions of rupees in tax breaks and incentives for exporters, manufacturers, and industries, including the construction sector. He said the incentives introduced by the government for the construction sector were coming to fruition. He specifically commended the real estate and industrial initiatives spearheaded by business leaders like Arif Habib in Lahore and Karachi under the REIT structure, urging further modernization and improvement of the stock exchange and capital markets by studying other markets in the region.
The prime minister expressed deep concern over the poor performance of certain industries receiving heavy subsidies and tariff walls, and making commitments repeatedly to ensure import substitution and promote competitiveness. He called for an honest approach prioritizing national interest over personal gains, stressing that progress relied on modernized machinery, productivity, and hard work.
Sharif particularly appreciated Chief of Defense Forces and Chief of Army Staff Field Marshal Asim Munir for his steadfast support and commitment to national security and economic progress, acting as a great partner throughout the journey. He also lauded the NAB chairman for recovering public land worth billions of rupees and the plan to establish a land bank.
He reiterated his resolve that through such dedicated efforts and commitment, Pakistan would emerge as a powerful economy and earn fame in the comity of nations.