Govt unveils ‘Economic Revival Plan’ as Pakistan deals with distress

The government of Pakistan on Tuesday unveiled what it termed the ‘Economic Revival Plan’ that focuses on “untapped potential in key sectors” at a time of record inflation, interest rates, and depleting foreign exchange reserves.

According to a statement, Prime Minister Shehbaz Sharif chaired a high-level meeting that resolved to introduce the strategy. The event was chaired by the Prime Minister of Pakistan and attended by the Chief of Army Staff, Chief Ministers, Federal and Provincial Ministers and high-level government officials.

“The plan envisages capitalising Pakistan’s untapped potential in key sectors of defence production, agricultural, livestock, minerals, mining, IT and energy through indigenous development and investments from friendly countries,” it said.

Moreover, the establishment of Special Investment Facilitation Council (SIFC) has been undertaken to act as a single window interface for the potential investors as well as to adopt a unified approach.

“The setup will shorten the cumbersome and lengthy business processes through a cooperative and collaborative whole of the government approach with representation of all stakeholders,” it added.

“It is aimed at creating horizontal-vertical synergy between federation and provinces, facilitating timely decision making, avoiding duplication of effort and ensuring swift project implementation.”

The high-ranking participation from federal and provincial governments manifests the national resolve to turn around the economy despite all odds, the statement added.

PM Shehbaz recalled that his government inherited an economy which was on brink of collapse.

“With bold and difficult decisions, it is now being steered towards growth and development,” he said. “There are, however, massive challenges ahead. Export oriented FDI hold the key to economic revival.”

Therefore, the government has decided to adopt a holistic/ whole-of-government approach which fosters partnerships within the federal and provincial governments for effective implementation and execution, it said.

“The investors would be given primacy and fast track approvals, through a well-coordinated approach,” he added.

The premier observed that the expected investments would create jobs and livelihoods for the youth and women. The focus should be on empowering young and females to realise their full potential, he advised.

“Let us resolve to work together, leave no stone unturned and be single-minded in our focus and direction,” the PM said. “We can transform the destiny of Pakistan and its people.”

Speaking on the occasion, Chief of Army Staff General Asim Munir assured army’s all out support to complement government’s efforts for Economic Revival Plan. He considered the plan fundamental to socio-economic prosperity of Pakistanis and reclaiming the country’s rightful stature among the comity of nations.