Business

NETU to drive ambitious economic overhaul

Minister affirms introduction of strategic body in PSDP budget to facilitate growth

APP June 20, 2024

PM Shehbaz stressed that a “deep surgery” and structural reforms were required to pull the country out of the economic crisis and bring pro-poor changes to the system. Photo: FILE

ISLAMABAD:

The establishment of the National Economic Transformation Unit (NETU) in the Public Sector Development Programme (PSDP) Budget 2024-25 aims to drive comprehensive economic reform and sustainable development across Pakistan, according to a Ministry of Planning and Development press release on Wednesday.

The ministry stated that the NETU aligns with Prime Minister Shehbaz Sharif’s vision of a prosperous and resilient nation.

The NETU will serve as a strategic body focused on facilitating economic growth, enhancing productivity, and fostering innovation. It will collaborate closely with various stakeholders, including government agencies, private sector entities, academia, and international partners, to implement evidence-based policies and initiatives aligned with Pakistan’s long-term economic goal of becoming a $1 trillion economy by 2035.

Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, stressed the importance of the NETU, stating that it signifies a significant step towards reviving and transforming the role of the Ministry of Planning and Development as a development think tank. He highlighted the unit’s role in addressing economic challenges, promoting inclusive growth, and ensuring sustainable development strategies.

Operating within the framework of Pakistan Vision 2025 and the 5Es framework and the NETU will prioritise key areas such as Economic Diversification, Innovation and Technology, Human Capital Development, Sustainable Development, Public-Private Partnerships, and Modern Infrastructure.

Furthermore, the NETU will establish a monitoring and evaluation framework to ensure accountability and track progress. This will include regular reporting on key performance indicators and outcomes to ensure transparency and effective governance.

Iqbal expressed confidence that the NETU would be instrumental in transforming Pakistan’s economic landscape and improving the quality of life for its citizens, aiming to make Pakistan a leader in economic innovation and sustainable development.