Prime Minister Shehbaz Sharif officially launched the National Economic Transformation Plan 2024-29, titled “Uraan Pakistan: Homegrown National Economic Plan,” with the goal of reviving Pakistan’s struggling economy. The five-year plan, introduced during a special ceremony in Islamabad, aims to address pressing economic challenges through a strategic framework called the “Five Es.” These core areas include Exports, E-Pakistan, Equity and Empowerment, Environment, Food and Water Security, and Energy and Infrastructure.
During the launch, PM Shehbaz emphasized the significance of this initiative, which he described as crucial for Pakistan’s economic future. He recalled the challenges faced by his government since assuming office, including the need for another International Monetary Fund (IMF) bailout.
“We faced a moment of reflection on why we had to resort to another IMF programme,”
the Prime Minister remarked, pointing to the losses from state-owned enterprises, circular debt, and corruption as key factors.
However, PM Shehbaz expressed confidence that Pakistan could overcome its economic difficulties, asserting that achieving growth requires unity and collective effort.
“The crux is that in the last nine months, we negotiated huge challenges and, through the untiring efforts of the federal and provincial governments, we have been able to achieve macroeconomic stability. 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 stated. He called on Pakistan’s political leadership to work together, stressing that the country’s economic future depends on collaboration and the implementation of export-led growth.
In outlining the path to achieving economic growth, PM Shehbaz emphasized the need for cheaper inputs, higher investment, and the removal of import curbs to enhance competition and efficiency. He highlighted that export-led growth was the key to earning the much-needed dollars to stabilize the economy, emphasizing that this would be the central pillar of the new reform package. Furthermore, the Prime Minister called for the expansion of the digital and technology sectors, particularly in artificial intelligence, to bolster Pakistan’s technological infrastructure.
The Prime Minister also highlighted the need to address inefficiencies in state-owned enterprises, including the struggles with privatizing the national carrier, PIA.
“We faced a setback in PIA’s privatization. Facts should be accepted. There is no doubt our team made full efforts, and we are doing so again,”
PM Shehbaz acknowledged. He also noted that Pakistan must aim for an annual investment target of $10 billion, emphasizing that foreign investment could only be attracted by first facilitating local investments.
Foreign Minister Ishaq Dar, during his speech, underscored the importance of unity in advancing Pakistan’s economic agenda. He stressed the need to “bury petty politics” for the sake of progress, recalling previous attempts at establishing a charter of economy between 2013-2017 that failed to gain traction. Dar remained optimistic about Pakistan’s prospects, stating,
“I believe Pakistan can still join the G-20 club of nations. The goal is very conveniently achievable provided we remain on track.”
Finance Minister Muhammad Aurangzeb also outlined the critical elements of the plan. He stated that sustainable growth was essential, adding that Pakistan could no longer afford to be trapped in boom and bust cycles.
“We have to move towards growth, but it has to be sustainable. We cannot continue to be in boom and bust cycles,”
Aurangzeb emphasized. He elaborated on three pillars of the plan: stimulating private investment, driving exports, and optimizing public finances. Aurangzeb also announced the creation of a tax policy unit to help plug tax leakages and streamline the privatisation process.
According to Aurangzeb, the plan’s targets include achieving a sustainable GDP growth of 6% by 2028, creating one million additional jobs annually, securing $10 billion in private investment every year, and reaching an export target of $60 billion by FY2028. He added that the success of the plan would hinge on its effective implementation, noting that while Pakistan had long been aware of the necessary reforms, their execution had often been lacking in the past.
Information Minister Attaullah Tarar also weighed in, stressing that the economic reform package would significantly improve the lives of Pakistani citizens and foster long-term economic growth. He noted that the country had moved from the brink of default to economic stability and was now poised for progress.
“The economy has moved from the verge of default to stability, and now we are on the path to progress,”
Tarar said, highlighting the positive trends in all major economic indicators.
Uraan Pakistan plan represents a bold step toward reshaping Pakistan’s economy with homegrown solutions that prioritize sustainable growth and empowerment across key sectors. With a focus on increasing exports, promoting digital technologies, and addressing systemic inefficiencies, the government aims to steer the nation toward long-term prosperity, offering hope for a brighter economic future for Pakistan.
Source: Dawn News
