ISLAMABAD: Pakistan’s government is set to launch its five-year homegrown National Economic Plan today, Tuesday, targeting sustainable growth and development in the long-term, Finance Minister Muhammad Aurangzeb said amid Islamabad’s struggle to ward off its macroeconomic crisis. 

Pakistan’s government has attempted to steer itself out of a prolonged macroeconomic crisis that has weakened the South Asian country’s currency and drained its foreign exchange reserves over the past two years. 

Pakistan’s Planning Minister Ahsan Iqbal said in July that the National Economic Plan will be based on the 5Es framework (exports, energy, economic growth, education and equality), adding that it would aim to foster stability and lay the foundation for future growth in Pakistan.

In a video message, Aurangzeb said the plan has been aptly titled “Uraan Pakistan” which means “Flying Pakistan,” and aims to take the country’s prevalent macroeconomic stability to sustainable growth. 

“There are three to four key pillars of this [economic plan],” Aurangzeb said. “First of all, our growth will be export-led so that we do not go into the boom-bust cycle that we have been going through for the past few eras. Secondly, the private sector has to lead this country,” he added. 

Pakistan agreed to a 37-month, $7 billion bailout program from the International Monetary Fund (IMF) this year, promising the lender financial reforms in exchange for it. These reforms include increasing the tax base, regulating the energy sector and handing over loss-making state owned enterprises to the private sector. 

“The structural reforms that we have started, we have to take them through the finishing line,” the minister said. “Whether that is on the taxation side, whether its on the energy side, whether it’s our SOE reforms, whether it’s our privatization agenda.”

Aurangzeb vowed that the plan would put Pakistan on an upward economic trajectory in the next two to three years, saying it would ensure that this will be the last IMF program Islamabad resorts to. 

The development takes place amid Prime Minister Shehbaz Sharif’s increased efforts for greater collaboration in trade, defense, agriculture and other key sectors of the economy with regional allies to attract foreign investment and brighten Pakistan’s economic prospects.

In its move to attract foreign investment in key sectors, Pakistan has enhanced its bilateral trade and investment ties with Saudi Arabia, the United Arab Emirates, Russia, Central Asian states and other Gulf countries. 

Pakistan suffered a sovereign default before Islamabad clinched a last-gasp $3 billion bailout program from the International Monetary Fund (IMF) in 2023 that helped its economy stay afloat. Pakistan’s Finance Minister Muhammad Aurangzeb has repeatedly said Islamabad needs to adopt an export-led economy to achieve long-term and sustainable economic growth.