Pakistan’s Prime Minister Advocates for Gaza Ceasefire and Economic Reform at World Economic Forum Summit

World Economic Forum's Special Meeting

World Economic Forum’s Special Meeting in Saudi Arabia

In his address at the closing plenary of the special two-day World Economic Forum (WEF) summit held in Riyadh, Pakistan’s Prime Minister Shehbaz Sharif delivered a resounding call for a permanent Gaza ceasefire, stressing its pivotal role in fostering global peace. 

The summit focused on fostering global collaboration, growth, and energy for development, brought together over 700 participants, including government officials, business leaders, and experts from around the world.

Emphasizing Pakistan’s steadfast stance, Prime Minister Sharif reiterated the nation’s non-recognition of Israel and its firm support for an independent Palestinian state within the boundaries established before the 1967 conflict, with Jerusalem (Al-Quds Al-Sharif) as its rightful capital.

He drew attention to the devastating impact of ongoing conflicts, such as those in Gaza and Ukraine, on global inflation and the economies of developing countries.

During his address, Prime Minister Sharif expressed heartfelt gratitude to Saudi Arabia and other friendly nations for their unwavering support during challenging times. He underscored the profound significance of solidarity and assistance from allies, remarking, “A friend in need is a friend indeed,” while acknowledging the invaluable contributions received.

Furthermore, Prime Minister Sharif outlined Pakistan’s commitment to implementing comprehensive structural reforms aimed at revitalizing the nation’s economy. Despite acknowledging the personal sacrifices and challenges associated with these reforms, he emphasized their necessity for sustainable economic recovery and growth.

Pakistan faces significant economic hurdles, including a pressing balance of payments crisis and ongoing negotiations with the International Monetary Fund (IMF) for a new loan program. With nearly $24 billion in debt and interest payments looming over the next fiscal year, Pakistan’s central bank’s foreign currency reserves are strained.

In conclusion, Prime Minister Sharif’s address at the World Economic Forum summit underscored Pakistan’s unwavering commitment to global peace, its solidarity with the Palestinian cause, and its determination to overcome economic challenges through strategic reforms and international cooperation.

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