ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday launched Pakistan’s five-year homegrown National Economic Plan, targeting an annual investment goal of $10 billion as the country seeks to recover from a prolonged macroeconomic crisis.
Pakistan has faced a series of economic challenges in recent years, including a balance-of-payments crisis, dwindling foreign exchange reserves and a depreciating national currency. The new plan, titled “Uraan Pakistan,” or “Fly Pakistan,” aims to transition the country from its current macroeconomic stability to sustainable growth.
In July, Federal Minister for Planning Ahsan Iqbal announced the plan would be based on the 5Es framework — exports, energy, economic growth, education and equality — to foster stability and lay the groundwork for Pakistan’s future growth.
Speaking at the launch ceremony in Islamabad, Sharif emphasized that the government’s role was to promote business opportunities in the private sector and serve as a catalyst for economic progress.
“I want to tell you that our goal of investment will be $10 billion yearly,” Sharif said, urging the country’s affluent classes to also chip in and make sacrifices for the country.
Emphasizing the need to develop a strategy for an industrial and agricultural framework, he said the government must create a mechanism that drives people toward export-led growth.
“What we need is export-led growth,” he noted. “You have to create an environment for exports and also give incentives.”
The prime minister said the dollars needed to repay the country’s debt could only be earned through increased exports, urging people to withdraw money from banks amid declining interest rates to invest in the industrial and agricultural framework to boost exports and create productive employment.
He highlighted that Pakistan’s exports had grown by 11 percent, remittances by 24 percent and IT exports by 34 percent in the past five months.
Terming export-led growth as the pivot of “Uraan Pakistan,” he said tax reduction in the IT sector had helped the country strengthen digital economy.
Earlier, Finance Minister Muhammad Aurangzeb told the gathering that the economic plan stood on a handful of pillars.
“Firstly, our growth will be driven by exports to avoid the boom-bust cycles we have experienced in recent years,” he maintained. “Secondly, the private sector must take the lead in driving the country’s progress.”
Pakistan agreed to a 37-month, $7 billion bailout program from the International Monetary Fund (IMF) this year, promising the lender economic reforms in exchange. These reforms include increasing the tax base, regulating the energy sector and privatizing loss-making state-owned enterprises.
Aurangzeb hoped the five-year plan would put Pakistan on an upward economic trajectory in the next two to three years to ensure that this becomes the last IMF program the country would ever have to resorts to.
Pakistan is working actively to collaborate with regional allies in trade, defense, agriculture and other key sectors of the economy to attract foreign investment and brighten its economic prospects.
It has also enhanced bilateral trade and investment ties with close allies like Saudi Arabia, the United Arab Emirates, Russia, Central Asian states and other Gulf countries.
Last year, the country was on the verge of a sovereign debt default before Islamabad managed to clinch a last-gasp $3 billion IMF bailout to helped its economy stay afloat.
Pakistan’s finance minister has repeatedly said the country needs to undertake stringent economic reforms and develop itself as an export-led economy to achieve sustainable growth.
Pakistan unveils National Economic Plan with $10 billion annual investment target
https://arab.news/w9ye3
Pakistan unveils National Economic Plan with $10 billion annual investment target
- PM Sharif emphasizes to adopt mechanisms driving the country to export-led growth
- Pakistan has grappled with economic crises that brought it close to default last year
Pakistani politicians urge dialogue with Imran Khan’s party as PM offers talks
- National Dialogue Committee group organizes summit attended by prominent lawyers, politicians and journalists in Islamabad
- Participants urge government to lift alleged ban on political activities and media restrictions, form committee for negotiations
ISLAMABAD: Participants of a meeting featuring prominent politicians, lawyers and civil society members on Wednesday urged the government to initiate talks with former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, lift alleged bans on political activities after Prime Minister Shehbaz Sharif recently invited the PTI for talks.
The summit was organized by the National Dialogue Committee (NDC), a political group formed last month by former PTI members Chaudhry Fawad Husain, ex-Sindh governor Imran Ismail and Mehmood Moulvi. The NDC has called for efforts to ease political tensions in the country and facilitate dialogue between the government and Khan’s party.
The development takes place amid rising tensions between the PTI and Pakistan’s military and government. Khan, who remains in jail on a slew of charges he says are politically motivated, blames the military and the government for colluding to keep him away from power by rigging the 2024 general election and implicating him in false cases. Both deny his allegations.
Since Khan was ousted in a parliamentary vote in April 2022, the PTI has complained of a widespread state crackdown, while Khan and his senior party colleagues have been embroiled in dozens of legal cases. Prime Minister Shehbaz Sharif last month invited the PTI for talks during a meeting of the federal cabinet, saying harmony among political forces was essential for the country’s progress.
“The prime objective of the dialogue is that we want to bring the political temperatures down,” Ismail told Arab News after the conference concluded.
“At the moment, the heat is so much that people— especially in politics— they do not want to sit across the table and discuss the pertaining issues of Pakistan which is blocking the way for investment.”
Former prime minister Shahid Khaqan Abbasi, who heads the Awaam Pakistan political party, attended the summit along with Jamaat-e-Islami senior leader Liaquat Baloch, Muttahida Quami Movement-Pakistan’s Waseem Akhtar and Haroon Ur Rashid, president of the Supreme Court Bar Association. Journalists Asma Shirazi and Fahd Husain also attended the meeting.
Members of the Pakistan Peoples Party, the ruling Pakistan Muslim League-Nawaz (PML-N) and the PTI did not attend the gathering.
The NDC urged Prime Minister Shehbaz Sharif, President Asif Ali Zardari and PML-N chief Nawaz Sharif to initiate talks with the opposition. It said after the government forms its team, the NDC will announce the names of the opposition negotiating team after holding consultations with its jailed members.
“Let us create some environment. Let us bring some temperatures down and then we will do it,” Ismail said regarding a potential meeting with the jailed Khan.
Muhammad Ali Saif, a former adviser to the Khyber Pakhtunkhwa chief minister, told participants of the meeting that Pakistan was currently in a “dysfunctional state” due to extreme political polarization.
“The tension between the PTI and the institutions, particularly the army, at the moment is the most fundamental, the most prominent and the most crucial issue,” Saif noted.
‘CHANGED FACES’
The summit proposed six specific confidence-building measures. These included lifting an alleged ban on political activities and the appointment of the leaders of opposition in Pakistan’s Senate and National Assembly.
The joint communique called for the immediate release of women political prisoners, such as Khan’s wife Bushra Bibi and PTI leader Yasmin Rashid, and the withdrawal of cases against supporters of political parties.
The communiqué also called for an end to media censorship and proposed that the government and opposition should “neither use the Pakistan Armed Forces for their politics nor engage in negative propaganda against them.”
Amir Khan, an overseas Pakistani businessperson, complained that frequent political changes in the country had undermined investors’ confidence.
“I came here with investment ideas, I came to know that faces have changed after a year,” Amir Khan said, referring to the frequent change in government personnel.
Khan’s party, on the other hand, has been calling for a “meaningful” political dialogue with the government.
However, it has accused the government of denying PTI members meetings with Khan in the Rawalpindi prison where he remains incarcerated.
“For dialogue to be meaningful, it is essential that these authorized representatives are allowed regular and unhindered access to Imran Khan so that any engagement accurately reflects his views and PTI’s collective position,” PTI leader Azhar Leghari told Arab News last week.
