ISLAMABAD, March 5, 2025 — Prime Minister Shehbaz Sharif on Tuesday celebrated his government’s achievements during its first year in office, underscoring the progress made despite various economic hurdles. In a special cabinet meeting, the Prime Minister pointed out the government’s successful efforts to stabilize the country’s economy, which had previously been on the brink of collapse, especially due to challenges related to the International Monetary Fund (IMF) programme.
Sharif highlighted that within a year, Pakistan’s economy, which had been fragile, had found its footing. He credited this turnaround to his tireless efforts and the support of Pakistan’s Chief of Army Staff (COAS), General Asim Munir. Sharif specifically praised the army chief’s role in facilitating diplomatic engagements with friendly nations, which helped address critical issues hindering the IMF programme and, in turn, secured Pakistan’s economic stability. The Prime Minister noted that these efforts played a pivotal role in preventing the country from defaulting on its financial obligations.
The Prime Minister made it clear that Pakistan’s economic indicators are improving, thanks to the government’s strategic planning and decision-making. Despite political opposition, Sharif emphasized that the government had remained free from scandals and was resolute in its mission to support the country’s development, undeterred by extremist factions. He proudly mentioned that the Ramadan package, which was increased significantly from Rs7 billion last year to Rs20 billion this year, would benefit four million families across Pakistan, including those in Gilgit-Baltistan and Azad Kashmir.
Furthermore, Sharif discussed how Pakistan was on the verge of default just a year ago, attributing some of the delay in reaching an agreement with the IMF to sabotaging efforts by some individuals. While not naming names, his reference to former Prime Minister Imran Khan was clear, accusing him of attempting to derail IMF negotiations. Despite these challenges, Sharif was confident in Pakistan’s economic recovery, pointing to positive assessments from international financial institutions like the World Bank.
The Prime Minister thanked Pakistan’s allies and institutions for their support during these trying times, and reiterated that the country was now on a clear path to economic recovery. He also pointed to the critical role played by the government’s teamwork in finalizing the IMF agreement, which was further bolstered by a $5 billion gap bridge with support from friendly nations. Additionally, he mentioned the increased oil facilitation agreements with Saudi Arabia and the UAE, which helped stabilize the country’s finances.
Sharif’s remarks also focused on macroeconomic progress, with the government aiming to transform Pakistan into a $1 trillion economy by 2035. He urged cabinet members to work diligently, stressing that a collaborative approach was key to the nation’s future success. Notable among the government’s ongoing efforts were the resolution of tax cases, with Sharif expressing optimism about the early resolution of Rs400 billion worth of tax cases and the recovery of Rs23 billion through a recent Sindh High Court ruling.
The Prime Minister also identified the challenges posed by state-owned enterprises, emphasizing the urgent need to address Rs850 billion in losses, which he referred to as a “bottomless pit.” In addition to tackling the economic challenges, Sharif made clear that counter-terrorism efforts were vital for attracting foreign investment, and vowed to eliminate terrorism from the country’s landscape.
Minister for Finance Muhammad Aurangzeb provided an overview of Pakistan’s economic stability, highlighting key improvements like a 71% increase in returns on the Pakistan Stock Exchange (PSX) and a surplus in the current account, the highest in 20 years. He also touched upon structural reforms, including the rightsizing of ministries and departments, alongside new taxation policies to enhance revenue collection.
Other ministers, including Deputy Prime Minister Ishaq Dar, Minister for Power Awais Leghari, and Minister for IT and Telecommunications Shaza Fatima Khawaja, also weighed in on various government initiatives. Dar reflected on the progress made under Prime Minister Nawaz Sharif, while Khawaja discussed the rise in IT exports and improvements in internet connectivity through new infrastructure projects.
In conclusion, the Sharif administration’s cabinet members reiterated their commitment to continued economic stability, national development, and counter-terrorism efforts. The government remains focused on addressing structural issues, promoting growth, and securing Pakistan’s position on the global stage.