Prime Minister Shehbaz Sharif said the government eliminated corrupt institutions to stabilize the economy and ensure sustainable growth. He spoke at the Pakistan Governance Forum, emphasizing policy reforms and tax measures to strengthen economic progress. The forum, he added, would serve as a platform to guide Pakistan toward long-term development.
Recalling the June 2023 economic crisis, the prime minister said Pakistan had been on the verge of default. “We took decisive steps to keep the country running and eliminated corruption-ridden institutions,” he stated. He highlighted the closure of the Utility Stores Corporation during Ramazan, which he said had been a hub of corruption diverting billions into private pockets.
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Shehbaz Sharif noted that electricity theft amounting to Rs200 billion had been controlled, calling it a significant achievement. The government also reduced electricity prices by Rs7 per unit. He added that the Pakistan Public Works Department (PWD) was dissolved despite immense pressure and recommendations for its continuation, underscoring the administration’s commitment to reform.
The prime minister praised the “Uraan Pakistan” initiative led by Planning Minister Ahsan Iqbal as a step toward effective economic planning. He stressed that legitimate concerns regarding solar energy policies had been considered, while tax evasion in indirect taxes would be strictly prevented. The next budget, he said, would aim to provide relief through reduced direct taxes.
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Shehbaz Sharif said Pakistan’s overall economic situation had improved significantly, noting that the policy rate, which stood at 22 percent, had now fallen to single digits. He emphasized that more effort was needed to secure sustainable growth and that the government would continue strict measures to protect public resources and enhance economic stability.