PM Shehbaz Pledges Tough Reforms to Rescue Pakistan’s Economy  

Prime Minister Shehbaz Sharif has vowed to implement sweeping structural reforms to stabilize Pakistan’s economy, acknowledging the nation faces “mountain-like impediments” after narrowly avoiding default. Speaking to overseas Pakistani scholars in Islamabad, the premier detailed his government’s efforts to digitize tax collection, combat corruption, and restore international credibility through painful but necessary measures.  

The PML-N-led government inherited an economic crisis in 2023 with 38% inflation and a 22.5% policy rate, Sharif revealed. His administration’s tough negotiations with the International Monetary Fund (IMF) prevented sovereign default, though he admitted the recovery remains fragile. Key reforms include transforming the Federal Board of Revenue (FBR), where digitization boosted monthly tax collections from Rs 12 billion to Rs 50 billion by curbing widespread evasion. “We showed doors to corrupt officials without bowing to ‘Sifarish’ (favoritism),” Sharif emphasized.  

Beyond economic challenges, the prime minister addressed national security concerns, referencing Pakistan’s military response to India’s “uncalled aggression” following the Pahalgam incident. He claimed Pakistan downed up to six Indian aircraft in self-defense during May’s clashes, a figure that remains unverified by independent sources or the Indian government. During May’s clashes, asserting victory in conventional warfare while maintaining the nation’s nuclear program remains solely for deterrence. The premier also highlighted climate vulnerabilities, noting 2022 floods caused $30 billion in damages despite Pakistan’s minimal carbon footprint.  

While projecting optimism about reform prospects, Sharif cautioned that Pakistan’s path to stability requires sustained difficult decisions. His remarks underscore the government’s attempt to balance crisis management with long-term institutional overhauls, though skeptics question whether electoral politics will permit the necessary continuity in austerity measures. With global financial pressures persisting, the coming months will test whether these reforms can deliver tangible relief to Pakistan’s struggling populace.