ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Tuesday launched the country’s National Economic Transformation Plan 2024-29 to address key financial challenges through a targeted framework called the “Five Es”.
The five-year plan, also called “Uraan Pakistan”, aims to address financial challenges through a targeted framework called the “Five Es” — Exports; E-Pakistan; Equity and Empowerment; Environment, Food and Water Security; and Energy and Infrastructure.
“The crux is that in the last nine months, we negotiated huge challenges and difficulties and through untiring efforts of the federal and provincial governments and our partners in prosperity and progress, we have been able to achieve macroeconomic stability,” the PM said.
“But this is just the beginning of a long journey which would entail sacrifice, blood and sweat to achieve economic growth and find our lost place among nations,” he added.
The prime minister outlined the economic challenges his government encountered upon taking office, noting that the country was compelled to enter into another agreement with the International Monetary Fund.
“Export-led growth is the ultimate saviour of Pakistan. You need to earn dollars that is only possible through exports,” he said.
The prime minister also stressed the need to promote and expand the digital and technology sectors, particularly the use and adoption of artificial intelligence.
He also said there is a need to create political harmony to forward privatisation efforts to prevent losses and inefficiency in state-owned enterprises, pointing towards unsuccessful efforts to privatise the national carrier.
Earlier in April, PM Shehbaz had called for the creation of a comprehensive five-year strategy to double the country’s exports and underscored the importance of a collaborative approach, asking the Ministry of Trade to devise the export strategy in consultation with successful entrepreneurs and stakeholders.
He said it was a moment to ponder why the country had to resort to another IMF bailout, pointing out to losses of state-owned enterprises, the circular deficit and corruption.
From stability to growth
Pakistan’s Finance Minister Muhammad Aurangzeb in his remarks said Uraan Pakistan is aimed at steering the country toward sustainable growth from the current macroeconomic stability.
Describing it as a momentous occasion, he said that one of the key pillars of the plan is to achieve export-led growth in order to avoid boom-and-bust cycles in the economy. He emphasised that the private sector will have to play a lead role.
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He expressed commitment to completing the structural reforms process, emphasizing that the government is also working diligently to reduce its expenditures.
The finance minister expressed confidence that Uraan Pakistan will take the country to a place in the next two to three years, making the current IMF programme the last one.
Economic challenges
Earlier, the country’s Minister for Planning and Development Ahsan Iqbal mentioned that the government took necessary steps to address the economic challenges. He expressed confidence that this five-year plan will provide a strong foundation for economic development, and its benefits will reach the common man in the form of better employment, healthcare, education and business opportunities.
Describing it as a revolutionary step, he said the success hinges on the entire nation working collectively toward it.
Pakistan’s Minister for Information and Broadcasting Attaullah Tarar said this is an all-inclusive agenda through which the journey of economic development will be undertaken. He said this economic reforms agenda is for the development of Pakistan and its people.
