Exports are 'life and death'

Planning minister says debt-driven stabilisation offers false security; ADB to provide technical support

ISLAMABAD:

Pakistan faces an existential crisis where true economic transformation hinges entirely on trade growth, Planning Minister Ahsan Iqbal said on Thursday, declaring that debt-driven stabilisation offers false security and that expanding exports is the country's only sustainable path forward.

"Stabilisation will only be true stabilisation when it is not on the back of debt. Only exports can give us the legs to grow," Iqbal said, describing the pivot toward export-driven growth as a matter of "life and death" for the nation.

The minister made these remarks during a high-level meeting with Asian Development Bank (ADB) Vice President Yingming Yang, who called on him in Islamabad to discuss the bank's ongoing support for Pakistan's development agenda under the URAAN Pakistan framework.

Seeking ADB's technical assistance and global best practices, Iqbal called on the bank to help develop a strategic roadmap for export expansion and diversification, mirroring the landmark technical support ADB provided during Vision 2010. He reiterated the government's ambition to transform Pakistan into a $1 trillion economy by 2035 and noted that Prime Minister Shehbaz Sharif was fully committed to removing structural bottlenecks, reforming key sectors – including industry, food security, commerce and foreign affairs – and leveraging economic diplomacy.

Highlighting Pakistan's economic turnaround from 2022 to 2026 as a compelling case study for developing economies, the minister requested ADB to maintain continuous coordination on development projects to ensure optimal alignment with state priorities.

Turning to climate adaptation and water security, Iqbal noted that Pakistan is facing increasingly severe and unseasonal rainfall events. He urged ADB to partner in developing critical localised water management infrastructure.

"We need to seriously consider developing small dams, water reservoirs and retention ponds to store rainwater, particularly in areas where large volumes of water are currently being drained away," the minister said. "This stored water can help protect our cities, support agriculture and strengthen our overall water security."