PM Shehbaz Sharif emphasizes economic growth and investment for Pakistan’s future

Karachi, January 8, 2025:PM Shehbaz Sharif has announced that the journey of economic growth in Pakistan has officially begun, acknowledging that the current tax system is hindering business and investment opportunities. Speaking at a ceremony at the Pakistan Stock Exchange (PSX) in Karachi, the Prime Minister stated that while challenges exist, the country must honour its commitments to the International Monetary Fund (IMF) as part of the ongoing financial program.

“We are on the path to economic growth, but the current tax framework is not conducive to promoting business and investment,” said PM Shehbaz Sharif. He emphasised that the government must continue to honour its promises to the IMF, despite the limitations imposed by the existing system.

The Prime Minister laid out his government’s economic priorities, stating that the country’s immediate focus would shift towards growth. He expressed the need to avoid the “boom and bust” cycles that often characterise economic development and highlighted the importance of proper management to ensure sustainable progress.

PM Shehbaz further explained that for the economy to thrive, it was crucial to reduce the interest rate from the current 13% to a more manageable 6%. This, he said, would facilitate easier access to capital for businesses and encourage investment.

Additionally, the Prime Minister reiterated the importance of export-driven growth. “We need to focus on increasing exports, and for that, we need fresh ideas and strategies,” PM Shehbaz Sharif said, inviting suggestions from industry experts and stakeholders to help boost the country’s export potential.

Highlighting Pakistan’s abundant natural resources, PM Shehbaz stressed the importance of tapping into these assets to establish industries and create jobs. “By utilising our natural resources, we can establish industries that will not only benefit the economy but also provide employment opportunities for our people,” PM Shehbaz Sharif stated.

The Prime Minister called on the business community to collaborate with the government and offer their insights on how best to utilise these resources for the country’s long-term development.

The Prime Minister concluded his speech by emphasising the government’s commitment to driving economic growth, fostering investment, and creating a conducive environment for business. “Our path forward lies in expanding our industries, increasing exports, and building a sustainable economy for the future,” he said.