Prime Minister Shehbaz Sharif of Pakistan unveiled ambitious plans for “massive economic reforms” aimed at navigating the country through its current economic challenges. Speaking at the World Economic Forum’s Special Meeting on Global Collaboration, Growth, and Energy in Riyadh, PM Shehbaz stressed the imperative for Pakistan to achieve self-reliance, emphasizing the need for deep-rooted structural reforms.
Expressing gratitude for Saudi Arabia’s support, he highlighted the urgency of tackling issues like inflation and debt, labeling them as formidable hurdles. Addressing challenges in the electricity sector, including power theft and an elitist culture, PM Shehbaz underscored the necessity for meaningful austerity measures.
He also emphasized Pakistan’s vulnerability to climate change, citing past devastation and calling for international cooperation in mitigation efforts. Furthermore, the Prime Minister discussed the impact of global events such as the war in Ukraine on inflation and stressed the importance of a ceasefire in Gaza, highlighting the interconnectedness of global peace and resolution of conflicts.