ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday described 2024 as a year of economic recovery and expressed hope for self-reliance in the new year, while acknowledging persistent security challenges caused by a surge in militant violence.
Pakistan narrowly avoided a sovereign debt default in 2023 after securing short-term external financing from the International Monetary Fund (IMF) under a $3 billion bailout program.
The agreement required Islamabad to implement stringent economic reforms, including subsidy cuts and utility price hikes, to stabilize its fragile economy. While macroeconomic indicators have since improved, many Pakistanis continue to grapple with the lingering effects of years of financial turmoil and the burden of reforms.
The government also managed to secure another IMF loan of $7 billion last year in September, saying it was important to get the money to consolidate the economic gains.
“2024 was a remarkable year for Pakistan, as we marched from default to development, overcoming economic challenges with resilience and determination,” Sharif wrote on X, formerly Twitter. “We made difficult but necessary decisions that rescued our economy from collapse, restored macroeconomic stability, controlled fiscal deficits, and strengthened our reserves. As a result, inflation has come down to single digits, and the prospects for economic growth have been revived.”
“We step into 2025 with renewed determination to achieve economic self-reliance and chart a brighter, more prosperous future for our nation,” he added.
Sharif’s remarks also addressed the security situation, highlighting Pakistan’s armed forces’ efforts to counter a renewed wave of militant violence.
“Amidst other challenges, Pakistan also faced a renewed surge in terrorism this year,” he said, reaffirming the military’s commitment to ensuring peace.
He credited the nation’s unwavering support for its forces in their fight against militants who, he maintained, “stand in stark opposition to the very idea of Pakistan.”
The prime minister also highlighted the launch of “Uraan Pakistan,” or “Fly Pakistan,” which is a homegrown five-year, export-oriented economic transformation plan unveiled by his administration a day earlier, which he described as a result of his government’s vision to build on recent stability and achieve sustained growth.