“Pakistan Government and Military Align on SOEs Privatization for Economic Security, PM Sharif Announces”

Prime Minister Shehbaz Sharif reiterated the Pakistani government’s commitment to transforming the country’s economic landscape, emphasizing the critical connection between national security and economic stability. Speaking at the 26th National Security Workshop at the National Defence University, the Prime Minister stated, “A stronger economy, with growing exports and a thriving industrial sector, automatically reinforces our national security.”

Charter of Economy: A Step Towards Reform

Highlighting the government’s vision for economic reform, Prime Minister Sharif mentioned the “Charter of Economy,” a concept he first proposed in 2018 as an opposition leader. He confirmed that the government is now ready to implement the initiative, focusing on long-term economic sustainability.

Privatization of State-Owned Enterprises (SOEs)

The Prime Minister emphasized the need to privatize State-Owned Enterprises (SOEs), stressing that the government should move away from business operations. “The government’s role must shift to facilitating the private sector,” Sharif explained. He further added that privatizing SOEs would save trillions of rupees, with both the government and the army leadership fully aligned and supportive of this initiative.

Stock Market Performance and Economic Sentiment

Prime Minister Sharif also praised the Pakistan Stock Exchange for surpassing the 100,000-point milestone, a historic achievement that reflected growing positive business sentiment. He attributed this success to strong collaboration between the government and various stakeholders, signaling that Pakistan is steadily progressing in the right direction.

Challenges and Economic Progress

Acknowledging the challenges facing the country, the Prime Minister pointed out that economic progress had slowed over the past decade. He reflected on the severe crisis in June 2023, when Pakistan came dangerously close to defaulting. However, he credited the successful standby agreement with the IMF for helping the country avoid a full-blown crisis.

Looking Ahead: Home-Grown Economic Plan

Despite the hardships caused by the IMF agreement, Sharif expressed hope that it would be the last such agreement Pakistan would need. The government is also preparing a home-grown economic plan that will be rigorously implemented to drive sustained economic growth and stability.