NEW JERSEY: Prime Minister Shehbaz Sharif said Pakistan’s economy is stabilising at the micro level, with inflation falling and interest rates reduced, and praised overseas Pakistanis for their support.
He spoke to the media here on Saturday after delivering a landmark speech at the UN General Assembly in New York.
“Just a few years ago, the country faced serious challenges,” he said. “When we took office, inflation was at 32%, and the policy rate was 22.5%.
“In just one and a half years, inflation has fallen into single digits, and the policy rate is down to 11%. At the micro level, the economy is now stable.”
He described overseas Pakistanis as “great ambassadors” of the country, noting that they sent remittances $38.5 billion home in the fiscal year 2024-25 alone.
“Their support has been crucial for Pakistan’s economic stability,” he said.
Talking about his international visits, the prime minister termed his reception in Saudi Arabia as “unprecedented in the last 40 years” and called his meeting with US President Donald Trump “very encouraging.”
To a question, the premier said the US was ready to invest in Pakistan’s trade, IT, and other sectors.
“During the meeting with President Trump, we discussed the economy, counter-terrorism, minerals, artificial intelligence, IT, and cryptocurrency,” the PM added.
“I also thanked the US president on tariff issues, while minerals pricing and trade agreements between Pakistan and the US will be decided fairly and in mutual interest.”
Shehbaz also reflected on Pakistan’s military achievements.
“From May 6 to 10, our armed forces bravely defeated India in the war. We shot down seven enemy planes and carried out strikes at Delhi, Pathankot, and many other locations,” he said.
He credited Chief of Army Staff (COAS) Field Marshal Syed Asim Munir for his leadership.
“The Field Marshal guided our forces wisely. On the morning of May 10, the US Secretary of State spoke with him, and we received a message from India that they wanted a ceasefire. We had already won the war. We accepted the ceasefire to avoid further escalation,” the prime minister said.
Recalling the change in India’s attitude, he added, “Those who once never spoke properly to you are now embracing you, which shows the strength and courage of our armed forces and the victory we achieved.”
