Prime Minister Shehbaz Sharif on Saturday launched the National Regulatory Reforms, saying Pakistan has emerged from severe economic difficulties due to the sustained efforts of the government and its economic team, with key indicators now showing marked improvement.

Addressing the launch ceremony, the prime minister described the reforms as a quantum jump that would ease doing business across industry, agriculture and trade, while attracting foreign direct investment from Europe, the Far East and the Middle East. He said the new framework would also reduce delays, wastage of resources, corruption and nepotism.

He praised federal and provincial authorities for working in close coordination and expressed gratitude to the British government and International Development UK for their support. He termed the United Kingdom a long standing partner in Pakistan’s development and added that the country also enjoys strong relations with the United States, with hopes for deeper cooperation.

Recalling the situation when the government assumed office, Prime Minister Shehbaz said Pakistan was close to default, inflation was at alarming levels, interest rates were crippling and business activity had nearly stalled, discouraging both local and foreign investors.

He said the government faced enormous challenges but remained determined and, through teamwork and careful planning over the past one and a half years, managed to stabilise the economy. He stressed that continued hard work was essential, with the current focus on accelerating growth.

The prime minister also referred to the International Monetary Fund’s approval of a 1.2 billion dollar tranche for Pakistan, noting that excessive rules and procedures in the past had severely damaged the business environment.

He said efforts were underway to attract foreign investment in priority sectors such as agriculture, information technology and mines and minerals. Highlighting Pakistan’s large youth population, he said vocational training with international certification was being provided to help young people find productive employment both locally and abroad.

Prime Minister’s Special Assistant Haroon Akhtar said the reforms signalled a transition from a regulatory state to a developmental state, forming part of a broader strategy that includes tariff rationalisation, regulatory modernisation and export driven industrial growth.

UK Minister of State for International Development Baroness Jenny Chapman welcomed the reforms, calling them a positive step forward. She highlighted Pakistan’s entrepreneurial potential, natural resources and growing role in global trade, while noting expanding trade and investment ties between Pakistan and the United Kingdom.