PM Shehbaz Calls for Shift from Stability to Growth, Jobs and Exports

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday called for a stronger focus on sustainable economic growth, job creation and increasing exports, saying Pakistan had restored macroeconomic stability through joint efforts.

Addressing the gong ceremony for the listing of the Naya Nazimabad Apartment REIT scheme in Karachi through a video link, the prime minister praised the efforts of the federal and provincial governments and financial institutions in improving the economy.

Recalling his recent meetings with international bankers and financial leaders in New York and London, including executives from Citibank, JPMorgan and Barclays and the IMF managing director, Shehbaz said global financial institutions had appreciated Pakistan’s economic reforms and improved investment environment.

He thanked the finance minister, cabinet members, the Federal Board of Revenue (FBR) and federal secretaries for their teamwork in achieving macroeconomic stability and moving the country towards sustainable development.

The prime minister said the implementation of reforms and restoration of macroeconomic stability were achieved through cooperation between the political leadership and military leadership.

Highlighting economic indicators, he said Pakistan successfully issued a $3 billion Eurobond against offers worth $6 billion. He added that State Bank foreign exchange reserves had reached around $21.4 billion, while commercial bank reserves stood at $5.5 billion.

Shehbaz said foreign remittances and IT exports were also increasing, while the Roshan Digital Account was performing well.

However, he stressed that the country now needed to move from economic stabilisation towards growth, with a focus on technology, job creation, higher production and exports.

He said the federal budget for 2026-27 provided hundreds of billions of rupees in tax breaks and incentives for exporters, manufacturers and industries, including the construction sector.

The prime minister said incentives for the construction sector were now producing results. He also praised real estate and industrial projects under the REIT structure and called for further improvement and modernisation of the stock exchange and capital markets.

Shehbaz expressed concern over the performance of some industries that had received subsidies and tariff protection but had not delivered the expected improvements in import substitution and competitiveness.

He called for an approach focused on the national interest, saying economic progress required modern machinery, higher productivity and hard work.

The prime minister also appreciated Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir for his support for national security and economic progress.

He also praised the chairman of the National Accountability Bureau for recovering public land worth billions of rupees and for the plan to establish a land bank.

Shehbaz said Pakistan could become a stronger economy and gain a prominent place among nations through continued efforts and commitment.

Finance Minister Muhammad Aurangzeb said private-sector participation was increasing and that Rs60 billion had been disbursed in housing loans.

He said the economy had contracted three years ago, but economic sentiment had since improved, with foreign companies, particularly from the United States, showing interest in the Pakistani market.

Aurangzeb said the government would continue to provide support and an enabling environment for the private sector.

He added that tax targets had been exceeded and the number of tax filers had increased to more than 5.7 million from 3.9 million last year.

Business leader Arif Habib said Pakistan had successfully returned to international capital markets after four and a half years. He said the strong response to the Eurobond showed that international investors were closely following Pakistan’s economy.

He added that Pakistan’s sovereign ratings had improved from CCC+ to B over the past two years, while the local currency had remained stable for three consecutive years.

Habib said State Bank foreign exchange reserves had reached around $22 billion, while total liquid reserves stood at $27 billion. He also said worker remittances continued to grow and inflows through the Roshan Digital Account had increased by 58 per cent.