Pakistan PM Unveils 5-Year Economic Plan, Urges Unity

Daily News Egypt
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Pakistan Prime Minister, Muhammad Shehbaz Sharif, on Tuesday launched a five-year economic plan, titled “Uraan Pakistan,” aimed at achieving sustainable, export-led economic growth. The plan is based on what the government has termed the “5Es”: exports, e-Pakistan, environment, energy, and equity and empowerment.

Speaking at the launch ceremony, Sharif stated that the government’s focus would shift to boosting growth through targeted investment and reforms, having achieved macroeconomic stability.

He stressed that the plan’s success, which includes a focus on development in the IT, agriculture, exports, mining, and mineral sectors, depends on national unity, political harmony, and collective efforts from all stakeholders, including political parties, institutions and the public.

Sharif stated that Pakistan government’s key priority over the next five years will be to stimulate economic growth, especially through exports. He added that the government will create a conducive environment and incentivise the private sector to promote export-oriented industry. He described export-led growth as the “pivot of Uraan Pakistan” and the “ultimate saviour for the Pakistan economy.”

The prime minister highlighted what he described as positive macroeconomic indicators. He said that inflation has eased to 5%, average exports have increased by 10%, remittances have surged by 24% and IT exports have increased by 34% over the past five months, while the policy rate has declined to 13%. He said these gains were made due to the teamwork of the federal cabinet, provincial chief ministers, and institutions. He also noted the cooperation he has received from the Chief of the Army Staff.
Sharif vowed to increase the annual investment in various sectors to $10 billion. He also emphasised the importance of clean, affordable energy sources with a special focus on solar energy, calling it “the name of the game”.

He acknowledged the challenges the government has faced, noting that in 2023, the country was on the verge of default due to depleting foreign exchange reserves. He said the government had worked to conclude the IMF programme. He expressed the hope that this would be the last IMF facility. He also noted that the government had made re-negotiations with Independent Power Producers (IPPs).

Sharif expressed regret over the waste of resources through corruption, electricity and gas leakages, and lack of reforms. He said that state-owned entities had incurred losses of Rs 6 trillion over the last decade and that the electricity and gas sectors had circular debts of around Rs 2 to 3 trillion. He said that the Federal Board of Revenue has the potential to increase its revenue collection and that the institution is being reformed.

He reiterated his openness to a Charter of Economy among political parties, arguing that political and economic stability are interlinked.

The event was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers, Balochistan and KP governors, Punjab Chief Minister Maryam Nawaz Sharif, provincial ministers, diplomats, businessmen, and experts.
Sharif congratulated Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, the federal cabinet, government officials and provincial chief ministers for developing the plan.

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