PM Shehbaz Sharif Highlights Economic Security, SOEs Privatization, and Growth in National Security Address

Prime Minister Shehbaz Sharif emphasized the direct connection between economic security and national security in Pakistan during his speech at the 26th National Security Workshop at the National Defence University. He stated that strengthening the economy—through expanding exports and developing the industrial sector—will enhance the country’s national security.

Commitment to Economic Transformation

Sharif reaffirmed the government’s commitment to transforming Pakistan’s economy, noting the long-standing proposal for a Charter of Economy he first introduced as an opposition leader in 2018. The prime minister expressed confidence that Pakistan is now ready to implement this vision effectively.

Privatization of State-Owned Enterprises (SOEs)

The prime minister reiterated the necessity of privatizing SOEs and emphasized that the government should completely withdraw from business ventures. He pointed out that privatization would allow the government to save trillions of rupees and focus on facilitating private businesses. Both the government and the army chief are fully aligned and supportive of this initiative.

Stock Market Surge

Sharif also praised the Pakistan Stock Exchange for surpassing 100,000 points for the first time in history, which he attributed to the successful collaboration between the government and other stakeholders. This milestone reflects growing business confidence and indicates that Pakistan’s economy is headed in the right direction.

Economic Challenges and IMF Agreement

While acknowledging the economic slowdown over the past decade, the prime minister stressed that Pakistan had come close to default in June 2023 due to multiple challenges. However, thanks to a standby agreement with the IMF, the government was able to stabilize the economy. Despite the ongoing hardships tied to the IMF programme, Sharif expressed hope that it would be the last such agreement for Pakistan.

Future Plans for Economic Growth

Sharif underscored that Pakistan had faced many failed economic plans over the past 76 years, often due to a lack of political will. However, the government is now preparing a home-grown economic plan that will be rigorously executed in order to ensure sustained progress for the country.