In this handout picture taken and released by Pakistan Prime Minister's Office on March 4, 2024, Pakistan's newly sworn-in Prime Minister Shehbaz Sharif (right) inspects the guard of honor at the Prime Minister House in Islamabad. (PHOTO / AFP)

ISLAMABAD - Pakistan's newly elected Prime Minister Shehbaz Sharif has said that his government would leave no stone unturned in stabilizing the national economy, expressing optimism to overcome economic challenges swiftly in coming years.

"We have got the mandate to improve the economy and this is our government's top priority," the prime minister said while chairing a high-level meeting a few hours after swearing-in on Monday, according to the Prime Minister's Office.

He said that an action plan will be prepared on an emergency basis to streamline the country's overall economic situation and improve economic indicators, adding that the government would promote investment and provide facilities to the business community.

Pakistan's newly elected Prime Minister Shehbaz Sharif underlined that all the banks and financial institutions in the country are being taken into the loop to prepare strategies for the promotion of small and medium businesses so that the youth can be helped to stand on their own feet

"Taxpayers, who are working for enhancing exports and value addition in the country's economy, are the most important people for the government," the prime minister said, highlighting that such taxpayers need to be encouraged at the government level.

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He underlined that all the banks and financial institutions in the country are being taken into the loop to prepare strategies for the promotion of small and medium businesses so that the youth can be helped to stand on their own feet.

"Measures would be taken on an emergency basis to provide facilities to the business community, investors and youth," he added.

About the loss-making state-owned institutions, Sharif said that the government organizations that are not showing growth instead in losses would be privatized so that they might not become a burden on the economy.

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The prime minister said that a committee is being formed to devise a clear strategy for reducing the privileges of members of boards of state-owned institutions, adding that a plan is chalked out to reduce the size of the government by merging or closing down such institutions that are no longer needed.