Minister for Planning Development and Special Initiatives, Professor Ahsan Iqbal, stated on Wednesday that the government has presented a balanced budget aimed at steering the economy towards development and social prosperity.
Addressing the concluding session of the All Pakistan Chambers Presidents Conference, organised by the Islamabad Chamber of Commerce and Industry, the minister stressed that overcoming economic challenges hinges on effective resource mobilisation, budget balancing, and reducing non-developmental expenditures. Iqbal noted that Pakistan faces external challenges, highlighting a historical failure to cultivate export-led industries, resulting in increased imports and pressure on foreign exchange reserves over the past 75 years.
The minister underscored the necessity of fostering export-led industrial growth to compress imports and alleviate strain on foreign exchange reserves, thereby fostering sustainable economic growth and equitable development.
Iqbal stressed the importance of ensuring political stability and policy continuity for at least five years to achieve economic growth. Regarding resource constraints, he indicated that the government would encourage public-private investments in development projects to bridge funding gaps.
Iqbal also mentioned that CPEC has entered its second phase, focusing on growth, livelihood, information technology, green economy, and regional development. He underscored the need for private sectors in both countries to collaborate effectively to seize this promising opportunity.
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