In a significant development for Pakistan’s governance and economic transparency, Prime Minister Shehbaz Sharif officially inaugurated the Public Sector Development Program (PSDP) Data Portal during the opening session of the Pakistan Governance Forum 2026 held in Islamabad. This event brought together policymakers, experts, and stakeholders focused on steering the country toward sustainable development and improved governance mechanisms.
During his address, the Prime Minister praised the management of the “Uraan Pakistan” initiative, commending Ahsan Iqbal for his effective leadership in driving this ambitious program. He emphasized that the Governance Forum is poised to become a pivotal platform for fostering dialogue and collaboration, which will ultimately help Pakistan chart a clear path toward economic growth and social progress.
Reflecting on the nation’s recent economic challenges, Shehbaz Sharif recalled the precarious situation Pakistan faced in June 2023, when the country was on the brink of default. He highlighted that through collective determination and persistent efforts by the government and its partners, Pakistan has made notable strides toward stabilizing its economy. The Prime Minister expressed optimism about the current economic landscape, describing it as more promising and resilient compared to the previous year.
One of the key achievements he underscored was the significant reduction in inflation, which has fallen from a staggering 38 percent to single-digit figures. Alongside this, the policy interest rate has been lowered from 22 percent to 10.5 percent, signaling a more conducive environment for investment and economic activity. Shehbaz Sharif stressed that ongoing economic reforms remain crucial to sustaining this positive momentum and addressing structural challenges.
Turning to the energy sector, the Prime Minister acknowledged the government’s openness to adopting solar power solutions, describing the approach as balanced and pragmatic. He also pointed out the urgent need to tackle electricity theft, which currently costs the country approximately Rs200 billion annually. In a move aimed at easing the financial burden on consumers, he announced a reduction in electricity tariffs by Rs7 per unit, a step expected to provide relief to households and businesses alike.
Shehbaz Sharif further highlighted Pakistan’s untapped export potential, urging stakeholders to capitalize on opportunities to boost foreign exchange earnings. He also mentioned decisive actions taken against corrupt institutions, including the closure of certain government-run enterprises such as the Public Works Department (PWD) and Utility Stores Corporation. These measures, he explained, have helped reduce unnecessary expenditures and alleviate pressure on the national treasury.
The Prime Minister clarified that the government’s role is not to operate businesses directly but to create an enabling environment that supports institutional efficiency and growth. Looking ahead to the upcoming budget, he advocated for a reduction in direct taxes to stimulate economic activity, noting that the current tax-to-GDP ratio remains at a modest 10.5 percent. He also identified sectors like sugar, cement, and tobacco as major contributors to indirect tax evasion, calling for stricter compliance and reforms in these areas.
Concluding his remarks, Shehbaz Sharif cautioned that eliminating the country’s debt burden is not an overnight task but requires sustained hard work and prudent economic management. He reiterated the government’s commitment to strengthening Pakistan’s financial foundations through continued reforms and collaborative efforts with all stakeholders.
