RIYADH: Prime Minister Shehbaz Sharif has said that continuous borrowing weakens a country’s economy, stressing that equality and cooperation — not aid — are essential to guide humanity in the right direction.
Speaking at a round table conference titled “Is Humanity Heading in the Right Direction” held during the 9th Future Investment Initiative in Riyadh, the prime minister said Pakistan is a country rich in natural resources and is learning from past mistakes to move forward.
He welcomed the development vision of Saudi Crown Prince Mohammed bin Salman, adding that Pakistan too was undertaking reforms across various sectors. “The Federal Board of Revenue has been fully digitalised, which has led to a significant reduction in corruption,” he said.
Highlighting Pakistan’s demographic advantage, the prime minister noted that 60 per cent of the population comprises youth. He said Pakistan is among the 10 countries most affected by climate change, frequently facing floods and cloudbursts that cause billions of dollars in losses. “We need more funding for rehabilitation efforts,” he added.
PM Shehbaz warned that continuous debt weakens national economies, calling for equal cooperation among nations to achieve sustainable progress. He said Pakistan is leveraging artificial intelligence (AI) to modernise its agricultural sector and is utilising all available resources to harness emerging technologies.
Meeting with World Economic Forum president
On the sidelines of the conference, the prime minister met World Economic Forum (WEF) President and CEO Børge Brende.
The meeting took place at WEF’s request to formally invite PM Shehbaz to the annual WEF meeting in Davos scheduled for January next year.
The prime minister appreciated the strong partnership between Pakistan and the Forum and expressed interest in deepening ties with WEF’s global network of businesses and innovators. He assured that Pakistan would participate actively at Davos in 2026.
Discussing Pakistan’s economic outlook, the prime minister highlighted the government’s structural reforms focusing on stability, fiscal discipline, investment, and digital transformation. He expressed satisfaction over the improved macroeconomic indicators over the past 18 months.
He said the government’s priorities include boosting exports, fostering public-private partnerships, and promoting the IT sector through youth-driven growth.
PM Shehbaz welcomed WEF’s engagement in strengthening Pakistan’s food security systems, emphasising that peace is essential for prosperity.
He also reiterated that Pakistan serves as a vital bridge connecting South Asia, Central Asia, and the Middle East.
Brende thanked Pakistan for its active role in the Forum and expressed optimism about continued collaboration for mutually beneficial partnerships.