ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday credited his government’s effective measures for stabilising the economy, citing a sharp fall in inflation and interest rates, as well as a crucial agreement with the International Monetary Fund (IMF) that helped Pakistan avert default.
Speaking to students of the Uraan Pakistan Summer Scholars Internship Programme, Sharif painted a picture of economic rescue under his leadership, claiming the country had dodged financial collapse through team work and tough reforms.
“When we took over, inflation was exploding at 38% and the policy rate had hit a punishing 22%. Today, it’s down to 11%. We did not just make policies, we worked day and night and left the rest to Allah,” he added.
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The prime minister said 2023 had brought Pakistan to the brink of default, but his administration pushed through reforms and sealed IMF agreements that stabilised the economy. “Most thought we’d go bankrupt. I knew we wouldn’t,” he said, adding that “Pakistan has come out of the risk of default.”
Sharif did not hold back from criticising what he called a deeply entrenched culture of favouritism and influence-peddling. “Recommendations start pouring in even before real reform begins,” he said. “But we were ready. Officers from grades 20 to 22 were shown the door despite pressure from all over the country.”
Taking a shot at corrupt practices, he warned, “Those who lie by swearing on Allah and the Prophet should repent.”
He pointed to major reforms at the Federal Board of Revenue (FBR) as proof of his administration’s commitment to clean governance. “Sharp bureaucrats used to game the system. We changed that. Now digitisation and faceless tech are in place and the FBR has collected Rs500 billion through enforcement.”
While touting his government’s work, Sharif struck a moral tone. “Allah will ask me what I did in this world and I’ll say I worked on merit,” he said, vowing to continue what he called a “journey full of obstacles.”
He praised Pakistan’s youth as the backbone of the country’s future and said the laptop distribution scheme in Punjab – worth Rs20 billion – was entirely merit-based. “The future lies with this galaxy of young superstars,” he said.
Sharif also took aim at India, referencing the Pahalgam incident and cross-border hostilities. “Pakistan had no role in that incident, but India used it as an excuse for aggression, killing 55 innocent civilians. We defended ourselves and shot down six enemy aircraft. On May 10, we hit back and it was a strong, united response.”
Sharif said Pakistan had offered to support an impartial international investigation, but insisted Islamabad would never shy away from defending its sovereignty.
Despite the defiant tone, Sharif said he was not seeking personal accolades. “I have never taken credit – it has always been about teamwork. We must achieve our goals, or we will face the consequences.”
Copyright Business Recorder, 2025