Prime Minister Shehbaz Sharif on Monday highlighted Pakistan’s commitment to implement deep-rooted structural reforms and meaningful austerity measures, expressing determination to address the nation’s challenges amid challenging circumstances.

He was speaking at the plenary meeting of the special World Economic Forum (WEF) session on the theme of “Rejuvenating Growth”.

The prime minister underscored the urgent need to address revenue leakages, citing a staggering loss of revenue due to systemic loopholes. “Our revenue sector is in tatters and what we receive annually in revenue, we lose four times due to leakages in the system. Unless we plug loopholes we will not recover from our problems in revenue collection,” he explained.

PM Shehbaz identified inflation and the debt trap as critical concerns, describing the latter as a “death trap.” “Unless we tackle these issues head-on, we cannot achieve sustainable economic growth,” he added.

Expressing gratitude for support from Saudi Arabia and the UK, the premier acknowledged assistance in overcoming economic challenges, particularly in sectors like health and education. “A friend in need is a friend indeed. We are grateful for the unwavering support of our allies during these trying times,” he remarked.

Shehbaz lamented the state of Pakistan’s power sector, citing widespread electricity theft and an elitist culture. “The power sector was in shambles due to massive electricity theft and an elitist culture was doling out to those who did not deserve it.”

He highlighted significant steps taken, including the removal of underperforming high-level officers, based on credible agency input. “We are committed to ensuring accountability and efficiency in our institutions,” he stated.

Shifting to global concerns, PM Shehbaz emphasised the importance of permanent peace in Gaza for global stability. He received applause as he called for global efforts towards peace in the region, declaring, “The world will not be in peace unless there is a permanent peace in Gaza.”

He cited the conflict in Ukraine, which led to soaring commodity prices, hampering Pakistan’s ability to import vital raw materials. He also addressed the devastating floods of 2022, which inflicted significant economic losses and required substantial relief efforts. “We faced unprecedented challenges, but through resilience and cooperation, we will emerge stronger,” he asserted.

Regarding climate change, the prime minister defended Pakistan’s minimal contribution to emissions, despite suffering the consequences of natural disasters.

He detailed the government’s efforts in flood relief and rehabilitation, acknowledging support from international partners. “We must work collectively to mitigate the impacts of climate change and build a sustainable future for our nation and the world,” he urged.

Looking ahead, PM Shehbaz highlighted the importance of youth empowerment, advocating for modern education and vocational training to harness the country’s youthful population.

He outlined plans to promote agriculture through technology and maximise the country’s mineral resources. “Our youth are our greatest asset, and we must invest in their future,” he affirmed.

In closing remarks, PM Shehbaz reiterated Pakistan’s potential for global recognition through hard work and collaborative efforts, stressing the interdependence of nations in facing present challenges. “Together, we can overcome any obstacle and build a prosperous future for Pakistan and the world,” he concluded.