Reliance on Loans Weakens the Economy
Prime Minister Shehbaz Sharif has emphasized that Pakistan must move beyond its dependency on foreign loans and focus on self-reliance to achieve sustainable growth. Speaking at a session of the Future Investment Initiative (FII) Conference in Riyadh, he said that repeated borrowing has weakened the country’s economy over the years.
The cycle of taking loans again and again has made our economy fragile, the Prime Minister remarked. Pakistan must depend on its own resources if it wants lasting development.
Call for Revolutionary Economic Reforms
Shehbaz Sharif said that the government is committed to implementing bold and revolutionary reforms aimed at reviving the economy. These include improving industrial productivity, ensuring transparency, and eradicating corruption.
He highlighted the government’s plan to transform the Federal Board of Revenue (FBR) into a fully digital system, which will enhance transparency and efficiency in tax collection. We are modernizing our systems to eliminate corruption and create a fair environment for investors, he said.
According to economists, Pakistan’s tax-to-GDP ratio remains around 9.5%, one of the lowest in South Asia. The government’s digital reforms, if implemented effectively, could help increase revenue collection and reduce reliance on international lenders like the IMF.
Youth: The Backbone of Pakistan’s Future
Shehbaz Sharif noted that nearly 60% of Pakistan’s population is made up of young people, calling them the nation’s most valuable asset. He stated that the government is introducing programs to equip youth with modern technological skills, especially in artificial intelligence (AI) and digital innovation.
He added that young Pakistanis are currently receiving advanced agricultural training in China, aimed at modernizing Pakistan’s farming methods. By improving agricultural productivity and exports, we can strengthen our economic base, he said.
Climate Change: A Growing Threat
The Prime Minister warned that Pakistan is among the countries most vulnerable to climate change. He recalled that catastrophic floods in recent years caused billions of dollars in damage, displacing millions and crippling infrastructure.
He urged the international community to ensure equitable cooperation in addressing global challenges such as poverty, climate resilience, and sustainable development. Shared prosperity requires collective action, he added.
Partnership with Saudi Arabia and Vision 2030
Shehbaz Sharif praised Saudi Crown Prince Mohammed bin Salman’s Vision 2030, describing it as a model for sustainable development and economic diversification. He said Pakistan is eager to partner with Saudi Arabia under this vision, particularly in energy, technology, and trade.
The Prime Minister reaffirmed his government’s commitment to building a self-sufficient, transparent, and technology-driven economy. Our goal is to make Pakistan a resilient nation that stands on its own feet, he concluded.
