Prime Minister Shehbaz Sharif unveiled plans for "massive economic reforms" aimed at steering Pakistan out of its current economic challenges.
In his keynote address at the closing plenary of the World Economic Forum's Special Meeting on Global Collaboration, Growth, and Energy in Riyadh, the PM emphasised the necessity for Pakistan to become self-reliant, asserting, "We have to stand on our own feet. I know this is difficult but not impossible. We are now going for a deep-rooted structural reform."
Acknowledging the support extended by the Saudi government, PM Shehbaz expressed gratitude for the assistance provided to Pakistan. He highlighted the urgency of addressing issues such as inflation and debt, labeling them as significant hurdles, which, when combined, pose a formidable challenge to the nation.
Premier outlined the dire situation in the electricity sector, citing rampant power theft and lamenting the prevalence of an "elitist culture" where undeserving individuals receive handouts. "We have to stand on our own feet," he reiterated, emphasizing the need for meaningful austerity measures.
Turning his attention to climate change, the Prime Minister recounted the devastation caused by catastrophic floods in 2022, which resulted in immense human and economic losses. He stressed Pakistan's vulnerability to climate change and called for international cooperation to mitigate its effects.
Furthermore, PM Shehbaz addressed the impact of the war in Ukraine on global prices, contributing to skyrocketing inflation. He also stressed the importance of an immediate ceasefire in Gaza, highlighting the interconnectedness of world peace with the resolution of conflicts in conflict-ridden areas
