Pakistan's newly-elected Prime Minister Shehbaz Sharif on Sunday vowed to do a "deep surgery" and bring changes in the system to bring the cash-strapped country out of the alarming debt crisis and secure G20 membership by 2030.

Shehbaz, who was the consensus candidate of the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP), became the Prime Minister on Sunday for a second time after receiving 201 votes in the 336-member Parliament.

Shehbaz's challenger Omar Ayub Khan of jailed former prime minister Imran Khan's Pakistan Tehreek-e-Insaf (PTI) secured 92 votes.

In his victory speech as the country’s 24th prime minister, Shehbaz said Pakistan had a big challenge and opportunity before it.

“If we come together and decide to change the fate of Pakistan […] then God willing, we will defeat these challenges and take Pakistan to its rightful position,” the 72-year-old leader said as he profusely thanked his elder brother and three-time prime minister Nawaz Sharif's visionary leadership.

He said that this job was difficult but not impossible.

Shehbaz said that Pakistan is facing an alarming debt crisis where even the expenditures of the National Assembly were being paid by borrowing money.

“But if we decide to do a deep surgery and bring changes in the system, basic reform […] and I have no doubt that Muhammad Nawaz Sharif, Asif Ali Zardari and others will agree that we can either get rid of a life of debt or we move forward with heads down in shame.

“No this will not happen, we will rise and we will make Pakistan self-sufficient,” he said amid slogans and chants being raised by the PTI-backed lawmakers.

On the government’s plan to stimulate business activities, he said that the government would abolish draconian and obsolete laws and regulations and would work with the provincial governments to establish a comprehensive network of export zones.

"Our goal is to secure G20 membership by 2030," Shehbaz declared.

The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.

He said the country was facing challenges primarily due to the fragile economy. He said that he was starting his tenure when the country was facing a budgetary deficit of more than one trillion rupees.

“How we will pay the salaries for armed forces and how to pay the civil servants,” he wondered and added that reforming the economy was the biggest challenge faced by the country.

Shehbaz highlighted the burden of debt paying and said that the country was required to pay billions of rupees in interest only.

He highlighted that the energy sector was crumbling due to the accumulating debt owed by the country to the power-producing companies. He also said that state-owned entities like Pakistan International Airlines (PIA) were running into losses worth billions of rupees.

He promised to put the country on the path of development.

“Though it is easier said than done, we will fulfil our task,” he said.

Shehbaz said that the government was determined to bring the country out of the current crisis. “I don’t want to set any deadline but due to various steps we will take, the positive results will start pouring in after a year,” he said.

On the issue of exuberant electricity bills, Shehbaz lamented that the circular debt (electricity) stands at Rs 23,000 billion as only Rs 28,000 worth of recovery is made for Rs 38,000 worth of electricity that is provided to the consumers.

“There’s a gap of Rs 1,000 billion which amounts to [around] USD 3.5 billion. Can this nation afford careless governance?” “I would call it a ‘bottomless pit’,” he said while lamenting electricity theft worth up to Rs500 to 600 billion each year.

“Electricity and tax thefts are a matter of life and death for Pakistan […] and I want to say that God willing we will remove this cancer from its roots and make the country stand on its feet.

“It is difficult […] it is a long and thorny journey full of hurdles, but countries that surmounted these challenges became one of the most going nations around the world,” he said.

He said that the circular debt of the gas sector has reached Rs 29,000 billion due to the import of expensive Liquefied Natural Gas coupled with theft and issues with the distribution system.

“The state-owned enterprises are in a loss of Rs600 billion [...] The PIA [alone] is in debt of Rs800 billion,” he added.

Terming the agriculture sector as the economy's backbone, Shehbaz said that his government would provide subsidies to the farmers and would also introduce a solar tube well programme for them.

“The seed mafia will be eliminated and we will import seeds from the best countries in the world and provide them to farmers,” he said, adding that the first of these seeds would be provided free of cost.

He also promised to bring investment into the country and create economic conditions that would spur economic growth.

He also vowed to spread the web of “one window” export zones in all four provinces and work day and night to fulfil all these promises.

Shehbaz further stated that the Centre would work with all four provinces in the sectors of agriculture.

“This will decrease inflation, increase employment, and the country will grow.”

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