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ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Wednesday declared that the country is poised for an economic &quot;take-off,&quot; telling global leaders at the World Economic Forum that the country has transitioned from the brink of crisis to a &quot;success story&quot; during his sideline speech at&nbsp;<a href="http://ISLAMABAD:%20Pakistan%20Prime%20Minister%20Shehbaz%20Sharif%20on%20Monday%20declared%20that%20the%20country%20is%20poised%20for%20an%20economic%20%22take-off,%22%20telling%20global%20leaders%20at%20the%20World%20Economic%20Forum%20that%20the%20country%20has%20transitioned%20from%20the%20brink%20of%20crisis%20to%20a%20%22success%20story%22,%20during%20his%20sideline%20speech%20at%20Davos,%20Switzerland.%20%20%20Speaking%20at%20the%20forum,%20PM%20Sharif%20highlighted%20a%20dramatic%20cooling%20of%20inflation,%20which%20has%20dropped%20from%20a%20peak%20of%2030%20percent%20to%20between%205%20and%2012%20percent,%20alongside%20a%20reduction%20in%20the%20policy%20rate%20from%2022.5%20percent%20to%2010.5%20percent.%20%20%20%E2%80%9CBut%20the%20way%20forward%20is%20very%20clear%20that%20Pakistan%20has%20to%20have%20an%20export-led%20growth%E2%80%9D,he%20added.%20%20%E2%80%9CWe%20have%20brough%20a%20fundamental%20changes%20in%20our%20revenue%20collection%20system%20and%20it%20is%20not%20being%20completely%20digitized%E2%80%9D,%20he%20said.%20%20These%20indicators,%20he%20argued,%20show%20that%20the%20South%20Asian%20nation%20is%20moving%20forward%20with%20a%20%22sense%20of%20achievement%20and%20a%20sense%20of%20purpose%22.%20%20IMF%20'Role%20Model'%20%20%20The%20prime%20minister%20noted%20that%20the%20International%20Monetary%20Fund%20(IMF)%20now%20views%20Pakistan%E2%80%99s%20adherence%20to%20its%20%22stringent%22%20program%20as%20a%20%22role%20model%22%20for%20other%20developing%20nations.%20%20%20To%20curb%20economic%20%22bleeding,%22%20the%20government%20has%20shuttered%20several%20state-owned%20entities,%20including%20the%20Public%20Works%20Department%20(PWD)%20and%20utility%20stores,%20saving%20billions%20of%20rupees%20despite%20pushback%20from%20%22vested%20interests%22,%20he%20added.%20%20%22Unless%20and%20until%20we%20stop%20this%20bleeding%20of%20our%20economy%20through%20these%20measures...%20our%20economy%20will%20not%20be%20on%20sound%20footing,%22%20Sharif%20said,%20emphasizing%20that%20privatization%20remains%20a%20cornerstone%20of%20his%20agenda.%20%20He%20cited%20the%20%22completely%20transparent%22%20sale%20of%20Pakistan%20International%20Airlines%20(PIA),%20broadcast%20live%20to%20ensure%20authenticity,%20as%20the%20hallmark%20of%20this%20new%20approach,%20which%20will%20soon%20extend%20to%20airports%20and%20the%20power%20sector.%20%20A%20key%20driver%20of%20this%20stability,%20according%20to%20PM%20Sharif,%20is%20the%20%22complete%20harmony%22%20between%20Pakistan%E2%80%99s%20political%20and%20military%20hierarchies.%20%20He%20described%20this%20teamwork%20as%20essential%20for%20alleviating%20poverty%20and%20managing%20the%20country%E2%80%99s%20%22mounting%20debts%22.%20%20On%20the%20international%20stage,%20Sharif%20touted%20%22strong%20economic%20connections%22%20with%20China%20and%20revitalized%20relations%20with%20the%20United%20States,%20particularly%20in%20mining,%20counterterrorism,%20and%20technology.%20%20%E2%80%9CWith%20china,%20we%20have%20strong%20economic%20connections.%20We%20have%20built%20relations%20with%20the%20United%20State%20now.%20%20%E2%80%9CIn%20the%20field%20of%20mines%20and%20minerals,%20there%20is%20a%20great%20hope%20that%20we%20will%20cooperate%20with%20each%20other%20in%20big%20way%20and%20in%20counter%20terror,%20in%20IT,%20AI%E2%80%9D%20%20He%20noted%20that%20Pakistan%20is%20moving%20at%20%22lightning%20speed%22%20to%20exploit%20%22infinite%20natural%20resources%22%20in%20its%20northern%20and%20western%20regions%20through%20agreements%20with%20both%20American%20and%20Chinese%20firms.%20%20Youth%20Bulge%20and%20the%20AI%20Race%20Addressing%20Pakistan%E2%80%99s%20population%20of%20240%20million,%20the%20prime%20minister%20characterized%20the%20%22youth%20bulge%22%20as%20a%20%22great%20opportunity%22.%20%20%20Through%20federal%20vocational%20training%20and%20international%20certification,%20the%20government%20is%20preparing%20its%20youth%20for%20%22productive%20employment%22%20in%20the%20Gulf%20States%20and%20the%20global%20IT%20sector,%20the%20prime%20minister%20added.%20%20According%20to%20him,%20Pakistan%20official%20IT%20exports%20have%20already%20reached%20$3%20billion%20annually,%20with%20a%20focus%20on%20expanding%20into%20AI%20and%20crypto." target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Davos</a>, Switzerland. Speaking at the forum, PM Sharif highlighted a dramatic cooling of inflation, which has dropped from a peak of 30 percent to between 5 and 12 percent, alongside a reduction in the policy rate from 22.5 percent to 10.5 percent.&nbsp;&nbsp;&ldquo;But the way forward is very clear: Pakistan has to have an export-led growth,&rdquo; he added.&nbsp;&ldquo;We have brought a fundamental change in our revenue collection system, and it is not being completely digitized,&rdquo; he said.&nbsp;These indicators, he argued, show that the South Asian nation is moving forward with a &quot;sense of achievement and a sense of purpose&quot;.&nbsp;IMF &#39;Role Model&#39;&nbsp; The prime minister noted that the International Monetary Fund (IMF) now views Pakistan&rsquo;s adherence to its &quot;stringent&quot; program as a &quot;role model&quot; for other developing nations.&nbsp;&nbsp;To curb economic &quot;bleeding,&quot; the government has shuttered several state-owned entities, including the Public Works Department (PWD) and utility stores, saving billions of rupees despite pushback from &quot;vested interests,&quot; he added.&nbsp;&quot;Unless and until we stop this bleeding of our economy through these measures... our economy will not be on sound footing,&quot; Sharif said, emphasizing that privatization remains a cornerstone of his agenda.&nbsp;He cited the &quot;completely transparent&quot; sale of Pakistan International Airlines (PIA), broadcast live to ensure authenticity, as the hallmark of this new approach, which will soon extend to airports and the power sector.&nbsp;A key driver of this stability, according to PM Sharif, is the &quot;complete harmony&quot; between Pakistan&rsquo;s political and military hierarchies.&nbsp;He described this teamwork as essential for alleviating poverty and managing the country&rsquo;s &quot;mounting debts.&quot;&nbsp;On the international stage, Sharif touted &quot;strong economic connections&quot; with China and revitalized relations with the United States, particularly in mining, counterterrorism, and technology.&nbsp;&ldquo;With China, we have strong economic connections. We have built relations with the United States now.&quot;&nbsp;&ldquo;In the field of mines and minerals, there is a great hope that we will cooperate with each other in big way and in counterterrorism, IT, and AI.&rdquo;&nbsp;He noted that Pakistan is moving at &quot;lightning speed&quot; to exploit &quot;infinite natural resources&quot; in its northern and western regions through agreements with both American and Chinese firms.&nbsp;Youth Bulge and the AI RaceAddressing Pakistan&rsquo;s population of 240 million, the prime minister characterized the &quot;youth bulge&quot; as a &quot;great opportunity.&quot;&nbsp;&nbsp;Through federal vocational training and international certification, the government is preparing its youth for &quot;productive employment&quot; in the Gulf States and the global IT sector, the prime minister added.&nbsp;According to him, Pakistan&#39;s official IT exports have already reached $3 billion annually, with a focus on expanding into AI and crypto.&nbsp;

Economy

Foreign Affairs

Prime Minister Shehbaz Sharif told Davos Pakistan is poised for economic take-off, citing falling inflation, IMF-backed reforms, privatization, export-led growth, youth-driven IT expansion, and strengthened ties with China and the US

Articles tagged with "Shehbaz Sharif at Davos"

Our future is promising, country poised for economic take-off: PM Sharif at Davos