ISLAMABAD: In order to improve the economic conditions, Prime Minister Shehbaz Sharif has launched an ‘Uraan Pakistan’, a federal government initiative aimed at economic uplift of the country.
Speaking at the programme’s launching ceremony here on Tuesday, Sharif said, the five-year national economic plan aims to bring stability in the country by strengthening the economy. He stressed the need for reducing cost of electricity and gas to ensure sustainable growth. He said the local industry should be made more compatible to save foreign exchange and expand exports. Export-led growth is the only option to make Pakistan a stronger economy, he said.
The federal government has set an investment target of $10 billion annually, and a conducive environment is being created to attract local investment as well, said the Prime Minister. “Privatisation and outsourcing are vital to save huge losses— for which political dialogue is necessary,” he said.
‘Uraan Pakistan’: PM Shehbaz unveils 5-year plan for economy
“In 2023, we were trying our best for subscribing to the IMF (International Monetary Fund) programme— we decided to go to any extent to save the state,” he said.
“We decided to sacrifice our politics in the national interest,” the Premier added.
“Letters were written to the IMF to not sign the agreement— what could be more unjust than that,” PM Sharif said, impliedly taking a jibe at Pakistan Tehreek-e-Insaf (PTI), although, the PM earlier said that he would “not speak on the politics” at the launching ceremony.
The state institutions and the government are working in collaboration, Sharif said. “I have never seen this kind of partnership before,” he added.
The people of Pakistan faced tough economic conditions with courage and determination, he said. “We have attained the macroeconomic stability. It’s just the beginning.”
The PM; however, admitted that Pakistan stands ‘drenched in debts’. “Pakistan is getting seven billion dollars from the IMF. This would be Pakistan’s last IMF programme,” he added. The Premier said there has been a remarkable reduction in the inflation due to the government’s effective economic policies. “If I could, I would reduce the taxes up to 10 to 15 percent,” he added.
An official statement issued after the programme’s launch said the Uraan Pakistan aims to place Pakistan on path of sustainable high growth moving towards a stronger and more prosperous future. “This is not just a slogan. It is a commitment to build a solid foundation to transform Pakistan into a trillion dollar economy by 2035, and a three trillion dollar economy by 2047.”
The 5Es plan is central to Uraan Pakistan’s objectives: Exports, E-Pakistan, Environment and Climate Change, Energy and Infrastructure, and Equity and Empowerment, the statement said.
Earlier, at the launching ceremony, Finance Minister Muhammad Aurangzeb said, the Uraan Pakistan initiative would bring the country at par with bigger global economies in the next three years.
“It took us 12 to 14 months to reach here,” Aurangzeb said. He said that inflation rate has been reduced from 38 percent to five percent, and policy rate reduced from 22 percent to 13 percent. “Pakistan’s stock market has become the second best stock market in the world,” the minister claimed.
The Uraan Pakistan initiative is aimed at steering the country towards sustainable growth from the current macroeconomic stability, Aurangzeb said.
One of the key pillars of this plan is to achieve export-led growth in order to avoid boom-and-bust cycles in the economy, he added.
The finance minister said the Uraan Pakistan initiative is also aimed at attaining a sustainable GDP (gross domestic product) growth rate of six percent by 2028, one million jobs annually, and $10 billion private investment per year.
This plan is accompanied by a comprehensive implementation mechanism to hit the export target of $60 billion fiscal year 2028, the minister said.
“The private sector will have to play a lead role,” he added.
Aurangzeb said the government is committed to complete the structural reforms process and reduce its expenditures.
However, Deputy PM Ishaq Dar said Pakistan is blessed with huge resources worth of over $10 trillion in mines and minerals, stones and hydrocarbons that could be utilised for ensuring socioeconomic development of the country.
Planning Minister Ahsan Iqbal gave a briefing on the Uraan Pakistan programme, which, he said, is an initiative of the Ministry of Planning Development and Special Initiatives. The plan will provide a strong foundation for economic development, and its benefits will reach the common man in the form of better employment, healthcare, education and business opportunities, he said. Senior government functionaries and other dignitaries from the centre, Punjab, and other areas attended the event.
Copyright Business Recorder, 2024
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