ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday launched the National Regulatory Reforms, saying Pakistan had come out of severe economic difficulties due to the untiring efforts of the incumbent government and its economic team, with key economic indicators showing strong improvement.
Addressing the launch ceremony, he called the regulatory reforms a “quantum jump,” saying the framework would facilitate business, industry, agriculture, and foreign direct investment from Europe, the Far East, and the Middle East, while also reducing wastage of time and resources that had fueled corruption and nepotism.
He commended federal and provincial teams for working in coordination and thanked the British government and International Development UK for their support, describing the UK as a long-standing partner in Pakistan’s progress.
He also said Pakistan enjoyed strong relations with the United States and looked forward to further cooperation.
The prime minister recalled that when the government assumed office, the country was on the verge of financial default, inflation was soaring, the policy rate was crippling, and business activity was in turmoil, making both local and foreign investment nearly impossible.
He said the government, despite facing daunting challenges, did not lose hope and steered the country out of economic woes through teamwork, planning, and persistent efforts over the past one and a half years. Stressing the need for continued hard work, he said the focus was now on moving forward and accelerating economic growth.
The prime minister also referred to International Monetary Fund (IMF) approval of a $1.2 billion tranche for Pakistan, and noted that excessive rules, regulations, and procedures had previously inflicted serious damage on the business environment.
He said the government was working to attract foreign investment in sectors of mutual benefit, including agriculture, information technology, and mines and minerals. Highlighting Pakistan’s youth bulge, he said vocational training with international certification was being offered to enable young people to secure productive employment at home and abroad.
Speaking on the occasion, Prime Minister’s Special Assistant Haroon Akhtar said the reforms marked a shift from a regulatory state to a developmental state, forming part of a broader transformation based on tariff rationalisation, regulatory modernisation, and export-led industrial revival.
UK Minister of State for International Development Baroness Jenny Chapman termed the reforms a positive achievement, highlighting Pakistan’s entrepreneurial potential, natural resources, and role in global trade, and noted growing trade and investment links between the two countries.
