Islamabad: Prime Minister Shehbaz Sharif has said that Pakistan has overcome the stage of severe economic pressure and financial crisis, and now the economy is gradually on the path of recovery and development.
Addressing the inauguration ceremony of National Regulatory Reforms, he said that in the past, complex laws and unnecessary regulations had made it difficult to do business, which affected investment and industrial activities. According to him, the demand for reforms was not only the government but also the long-standing desire of the people and the business community.
The Prime Minister said that the current government was facing severe economic difficulties as soon as it came to power. Inflation was at record levels, the policy rate had paralyzed the private sector and the economy was practically on the verge of bankruptcy.
PM Shahbaz Sharif said that in these circumstances, the government did not give up but handled the situation through a comprehensive strategy, reform measures and restoration of trust with international institutions.
He said that the approval of the $1.2 billion tranche by the IMF is a sign of confidence in Pakistan’s economic direction at the international level. According to him, foreign investment in the next phase will provide a sustainable foundation for the economy.
The Prime Minister, while emphasizing on the youth, said that the government is empowering the youth through technical, vocational and professional training so that they can take advantage of employment and business opportunities.
Analysts say that if regulatory reforms are implemented effectively at the ground level, Pakistan can succeed in creating new investment, exports and employment opportunities.
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