Islamabad, March 4 (PTI) Prime Minister Shehbaz Sharif on Tuesday highlighted efforts to prevent Pakistan from defaulting on IMF loans and promised to eliminate terrorism from the country as his government completed one year in office.

The Prime Minister was addressing a special meeting of the cabinet which was convened to celebrate the occasion.

Highlighting the government’s achievements and the challenges faced in securing economic stability, particularly after the country entered into an agreement with the International Monetary Fund (IMF) to secure a USD 7 billion assistance package, Sharif said the country was on the brink of default a year ago when he took over the office.

He also indirectly criticised rival Pakistan Tehreek-e-Insaf (PTI) leaders without taking names. “When we were negotiating with the IMF, certain individuals were writing letters asking the IMF to reject Pakistan’s programme. This was an act of national treachery.” Shaif termed it a success when he and army chief General Asim Munir visited friendly countries to secure pledges for help in order to get the IMF loan and noted that these efforts were crucial in preventing Pakistan from defaulting.

He said that due to improvement in the economy, Pakistan’s macroeconomic indicators got a positive assessment by the World Bank and other international financial institutions.

“Our government has completed one year, and despite facing opposition, we have not been derailed by any scandals. Our progress will continue, and the journey towards national development will remain steadfast until the end of extremist factions,” he said.

He also thanked his coalition partners for helping to navigate through tough times. “The key to our success has been teamwork. We must continue working together and not undermine each other to change Pakistan’s future,” he said.

The prime minister also said that through hard work and commitment, Pakistan would become a USD 1 trillion economy till the year 2035.

The prime minister also promised to eliminate terrorism from the country, which, he said, was essential to pave the way for foreign investment.

Deputy Prime Minister and Foreign Minister Ishaq Dar, speaking on the occasion, said that Pakistan’s diplomatic isolation was over and it became a member of the United Nations Security Council (UNSC) for the 2025-26 term.

He said after a gap of 27 years, multilateral international conferences, like the Shanghai Cooperation Organisation (SCO) summit, were held in Pakistan.

Minister for Finance Muhammad Aurangzeb said that Pakistan Stock Exchange had witnessed an increase of 71 per cent return while the current account surplus was the highest in the last 20 years.

He apprised that the plans for rightsizing of 43 ministries and their 400 attached departments were afoot, whereas pension reforms and agriculture tax were introduced for the first time.

The current government was sworn in on March 4, 2024 after the controversial elections held on February 8, 2024. The opposition PTI, led by jailed former prime minister Imran Khan, has claimed that it had won majority seats in parliament but it was defeated through massive rigging. PTI SH NPK NPK

Economic stabilization via IMF engagement and structural reforms aims to avert default and attract foreign investment. Engagement with the IMF to secure external financing and accompanying fiscal and structural measures is presented as the central instrument to avert sovereign default and restore macroeconomic stability. Domestic measures tied to the stabilization strategy include rightsizing of ministries and attached departments, introduction of pension reforms and an agriculture tax, and efforts to improve capital markets performance to support investor confidence. Counterterrorism and political cohesion are articulated as prerequisites for economic recovery and foreign investment.