Prime Minister Shehbaz Sharif has said that he is satisfied that Pakistan has emerged from the economic crisis and now the economy is being taken towards development after stabilization.
Addressing the inauguration ceremony of the National Regulatory Reforms, the Prime Minister said that the business community and the public have been waiting for reforms for the past several decades. Investors, industrialists and the business community were deeply troubled by complex laws, unnecessary regulations and lengthy government procedures, which had become inevitable to be abolished.
PM Shehbaz Sharif said that when the current government assumed power, the country’s economy was in a very critical situation. The country was practically on the verge of bankruptcy, inflation was out of control and high policy rates were paralyzing economic activities.
He said that business was almost stagnant, but instead of despair, the government adopted the right strategy and overcame the crisis through difficult decisions.
The Prime Minister said that the approval of a $1.2 billion tranche for Pakistan by the International Monetary Fund (IMF) is evidence of growing confidence in the economy. He said that attracting foreign investment for sustainable development is the government’s priority.
Describing the youth as a valuable asset of the country, he said that they are being provided technical and vocational training so that they can play an effective role in the country’s economy.
According to economic experts, regulatory reforms and an investment-friendly environment can benefit the economy in the long run, however, continuity and transparent implementation of reforms will be the real key to success.
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