Prime Minister Shehbaz Sharif on Tuesday launched a national economic transformation plan titled 'Uraan Pakistan' that outlined the government's ambitious goals for next five years with the aim of achieving sustainable export-led economic growth.
The five-year programme is based on the government flagship development agenda of 5Es -- exports, e-Pakistan, environment, energy, equity, and empowerment. It envisages a sustainable growth rate of 6% by 2028, creation of 1 million jobs annually, and $10 billion private investment per year.
Under the programme, the government planned to boost exports to $60 billion annually by 2028; increase number of IT graduates; boost literacy and reduce poverty; and to provide for a sustainable foundation to the country for a $1 trillion economy by 2035.
Addressing the launching ceremony, Prime Minister Shehbaz highlighted government's success in achieving macroeconomic stability and stressed that from now on its focus would be on boosting growth through targeted investment and reforms. "The success of the five-year plan which specifically focuses the development in IT [information technology, agriculture, exports and mining and mineral sectors is linked to national unity and collective efforts by all stakeholders, including political parties, institutions, and the people," he said.
"The government has achieved the macroeconomic stability with teamwork of the cabinet ministers, chief ministers, and the institutions," he said. "Over the next five years, the government's key priority will be to stimulate economic growth especially through exports," he added.
The prime minister praised the cooperation of the military in bringing economic stability to the country. Shehbaz told the ceremony that he never experienced this kind of cooperation that he received from the chief of the army staff.
Speaking about the key points of the programme, Shehbaz said that the government would create a conducive environment and incentivise the private sector to promote the export-oriented industry. "Export-led growth will be the pivot of Uraan Pakistan for being the ultimate saviour for the economy."
He regretted a waste of resources because of corruption, leakages in electricity and gas, and lack of reforms in various sectors. "The FBR [Federal Board of Revenue] has the potential to multiply its revenue collection for which it is being reformed," he added.
Similarly, the prime minister pointed out the losses of Rs6 trillion incurred by the state-owned entities (SOEs) in the last decade and energy sector circular debts of around Rs2-3 trillion. He added that Uraan Pakistan programme was the "beginning of a long journey and it requires unity".
The prime minister also dilated on the "several challenges" faced by the government in its "the journey from instability [in 2023] to development and from stability to a strong economy. He particularly mentioned the difficulties in concluding the International Monetary Fund (IMF) deal in 2023.
He mentioned Pakistan was on the verge of default while a political party attempted to sabotage the negotiations with the IMF. "To avoid this default, our party [Pakistan Muslim League-Nawaz (PML-N)], and the coalition partners jointly decided that we will sacrifice our politics for the national interest."
He expressed the hope that the current IMF programme would be Pakistan's last. "Pakistan can regain its lost glory through self-introspection, learning lessons from past mistakes, and marching forward as 'Team Pakistan' with unity of thoughts and actions," he said.
Shehbaz expressed his openness about a 'Charter of Economy' among the political parties. On the occasion, Shehbaz launched the logo, website, and a book on Uraan Pakistan. He congratulated all the stakeholders to carve out this homeg-rown five-year plan.
Earlier in his message on the launch of the programme, Finance Minister Muhammad Aurangzeb said that Uraan Pakistan was aimed at attaining a sustainable gross donmestic product (GDP) growth rate of 6% by 2028, creation of 1 million jobs annually, and $10 billion private investment per year.
"This plan is accompanied by a comprehensive implementation mechanism to achieve the export target of $60 billion by fiscal year 2028. Prime Minister Shehbaz Sharif has established a delivery unit at the Prime Minister Office to coordinate the implementation of sectoral plan and road maps," he added.
"Under the Uraan Pakistan programme our growth rate will be based on exports. It will rid Pakistan of the IMF in the next two to three years," Aurangzeb said. "Now, the economy has stabilised, it is time for the private sector to take the lead in running the affairs."
The launching ceremony was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers, Balochistan and Khyber-Pakhtunkhwa governors, Punjab Chief Minister Maryam Nawaz Sharif, provincial ministers, diplomats, businessmen, and experts.
(WITH INPUTS FROM APP)
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