- PM Shehbaz calls for focus on job creation, technology, production, export promotion.
- Premier highlights $3 billion Eurobond, $21.4 billion SBP foreign exchange reserves.
- Finance minister says tax filers rise to 5.7 million as private investment gains momentum.
Prime Minister Shehbaz Sharif on Thursday stressed the need to focus on sustainable economic growth, job creation, and export promotion, as the country has successfully restored macroeconomic stability through a collaborative team effort.
The prime minister, in his virtual address at the Gong Ceremony to celebrate the listing of the Naya Nazimabad Apartment REIT scheme, lauded the joint efforts of the federal and provincial governments and financial institutions in steering the national economy out of severe challenges.
The prime minister was accompanied by federal ministers Attaullah Tarar, Mian Riaz Hussain Pirzada, Dr Musadik Malik, and others. Finance Minister Muhammad Aurangzeb, the governor of the State Bank of Pakistan (SBP), prominent business leader Arif Habib, and leading corporate figures attended the event held at the Pakistan Stock Exchange in Karachi, which started with a cake-cutting ceremony to celebrate the occasion.
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, the prime minister 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 (FBR), 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.
He said that 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, PM Shehbaz pointed out that Pakistan successfully achieved a $3 billion Eurobond issuance with $6 billion in offers, while State Bank foreign exchange reserves have risen to around $21.4 billion, alongside commercial bank reserves of $5.5 billion.
He said that foreign remittances and IT exports were on an upward trajectory, while the Roshan Digital Account was performing robustly.
However, stressing the shift from stabilisation to growth, the premier called for efforts to achieve economic growth driven by technology, employment generation, production, and exports to boost the national economy.
The prime minister 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 modernisation 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 having received heavy subsidies and tariff walls, and making commitments repeatedly to ensure import substitution and promote competitiveness.
He called for an honest approach prioritising national interest over personal gains, stressing that progress relied on modernised machinery, productivity, and hard work.
PM Shehbaz particularly appreciated the Chief of Defence Forces and Chief of the Army Staff, Field Marshal Syed 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.
Addressing the ceremony, Finance Minister Aurangzeb highlighted the growing momentum of private sector participation, saying that for housing loans, Rs340 billion had been mobilised and Rs60 billion disbursed.
Reflecting on the country’s economic turnaround, the finance minister said that the economy had contracted three years ago, but sentiment has sharply reversed as foreign firms, particularly those from the US, were looking to enter the Pakistani market.
He said that the government would continue to provide the requisite ecosystem to the private sector.
Outlining key achievements, the minister said that tax targets have been surpassed and that tax filers have crossed 5.7 million from 3.9 million last year.
Highlighting the country’s successful return to international capital markets after four and a half years with a strong Eurobond response, Arif Habib noted that global investors were closely tracking and have shown confidence in Pakistan’s economy.
He told the gathering that sovereign ratings had steadily improved from CCC+ to B over the past two years, local currency remained stable for three consecutive years, while SBP foreign exchange reserves have reached a record high of around $22 billion, with total liquid reserves touching $27 billion.
He said that the current account deficit remained well-managed and worker remittances continue to scale new heights, and a 58% increase in inflows through the Roshan Digital Account was recorded.
