ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday launched a five-year national economic transformation plan 2024-29 titled “Uraan Pakistan: Domestic National Economic Plan” which aims to bring economic reforms in the country.
“Today is a great day,” Prime Minister Shehbaz said in his opening remarks while addressing a ceremony in Islamabad on Tuesday.
The Prime Minister said they had just heard a “remarkable and brilliant” account by the Finance Minister, the Planning Minister and the Deputy Prime Minister and a very informative presentation.
“The bottom line is that in the last nine months we have negotiated enormous challenges and difficulties and thanks to the tireless efforts of the federal, provincial governments and our international partners and friends, we have been able to achieve macroeconomic stability, but this is only the beginning of a long journey that would require sacrifice, blood and sweat to achieve economic growth and find our lost place among nations,” he added.
The Prime Minister emphasized that this required Team Pakistan to join hands and march forward with unity of thought and action.
He also congratulated Ahsan Iqbal, Muhammad Aurangzeb and the entire federal cabinet and federal officers, secretaries, SIFC and provincial chief ministers and governments for their “great support and cooperation in implementing this domestic programme”.
“During the journey from default to development and from a stable economy to a strong economy, we have seen several phases and faced difficulties,” he said.
“When Pakistan was on the brink of collapse, we, under the leadership of Nawaz Sharif, and our coalition partners agreed to sacrifice our policies for national interests,” he said.
In 2023, the prime minister said, the government had made every effort to secure the International Monetary Fund (IMF) program but “letters were written for obstructing it”. However, he added that the government has successfully fulfilled the IMF program and the rest is history.
He noted that the government has also secured another IMF programme, which he reiterated would be the last in the country.
Prime Minister Shehbaz said the time has come to think why the country had to resort to yet another IMF package, pointing to state-owned enterprises’ losses, current account deficit and corruption.
Pakistan’s GDP to grow by 6% by 2028
At the beginning of the ceremony, the finance minister — while addressing the participants — said that the country is on the path of development under the leadership of Prime Minister Shehbaz Sharif and expressed satisfaction with the macroeconomic indicators.
He pointed out that the Karachi Interbank Offered Rate (Kibor), the benchmark rate for loans to consumers and businesses, is close to 12%, which he said is helping the private sector.
“The country is receiving FDI at a rapid pace,” he said, stressing the importance of the Special Investment Facilitation Council (SIFC) in securing investment.
He further said that the Pakistan Stock Exchange (PSX) is creating records every day and has become the second largest market in the world, while the inflation rate has come down from 38% to 5%.
Aurangzeb said that the incumbent government did not think about planning but about implementation. “The transformation of the Federal Bureau of Revenue (FBR) is underway,” he said, adding that they would stabilize the export-oriented economy.
He added that the country is headed for stable growth.
Regarding the tax system, the finance minister said the authorities are carrying out reforms of tax policy, which he said is separate from tax collection. “The tax policy department will be managed with the help of the government and the private sector,” he said, stressing the need to “stop tax evasion.”
He also said that the country will achieve more than 6% gross domestic product (GDP) growth by 2028. “Pakistan has achieved an account surplus after 24 years,” he added.
The minister concluded by emphasizing that the private sector must run the country and “we must stand up as a nation.”
What is “Uraan Pakistan”?
Information and Broadcasting Minister Attaullah Tarar in his statement said that Uranium Pakistan is a comprehensive agenda through which the journey of economic development will be undertaken. He said that this agenda of economic reforms is for the development of Pakistan and its people.
He said that Pakistan has moved from the brink of insolvency to stability and is now on the road to progress.
According to its website, Uraan Pakistan is a transformational initiative designed to highlight and support key projects and reforms set out in the 5Es National Economic Transformation Plan. The strategy aims to rejuvenate Pakistan’s economy, promote sustainable development and promote inclusive growth.
The 5Es Plan is central to the objectives of URAAN Pakistan, addressing five critical areas essential for Pakistan’s development, which are:
Exports: Strengthening the export sector to promote economic growth, increase foreign exchange earnings and strengthen the country’s position in the world market.
E-Pakistan: Accelerating digital transformation to increase operational efficiency, foster innovation and improve Pakistan’s competitiveness on the global stage.
Environment and Climate Change: Implementing sustainable practices to address climate change, protect natural resources, and ensure water and food security for long-term ecological balance.
Energy and Infrastructure: Development of affordable, efficient and green energy solutions to support industrial growth, reduce energy costs and ensure energy security.
Equality and Empowerment: Promoting social justice by ensuring that all segments of society benefit from economic progress.
The initiative aims to address these challenges through the 5Es framework, which provides short- to medium-term solutions for Pakistan’s economic stabilization and growth.
