ISLAMABAD: Prime Minister Shahbaz Sharif on Tuesday launched a five-year national economic transformation plan 2024-29 titled “Iran Pakistan: Homegrown National Economic Plan” aimed at bringing economic reforms in the country.
Finance Minister Muhammad Aurangzeb said that the objective of the domestic five-year national economic plan is to take the country towards sustainable development based on the current economic stability.
Describing it as an important opportunity, the minister said that one of the key pillars of the plan is to achieve export-led growth to avoid the boom cycle in the economy. He emphasized that the private sector has to play an important role.
Addressing the ceremony, the Finance Minister said that the country is on the path of development under the leadership of Prime Minister Shehbaz Sharif, he expressed satisfaction with the macroeconomic indicators.
He pointed out that the Karachi Interbank Offered Rate (KABOR), a benchmark rate for lending to consumers and businesses, is close to 12 percent, which he says is helping the private sector.
He stressed the importance of the Special Investment Facilitation Council (SIFC) to secure investment, saying, “The country is rapidly receiving foreign direct investment.”
Furthermore, he said that Pakistan Stock Exchange (PSX) is setting daily records and has become the second largest stock market in the world, while the inflation rate has come down from 38 percent to 5 percent.
Aurangzeb said that the present government is not considering planning but is implementing. “The Federal Board of Revenue (FBR) is being reformed,” he said, adding that it would stabilize the export-oriented economy.
He further said that the country is moving towards stable development.
Talking about the tax system, the finance minister said that the authorities are reforming the tax policy, according to him, with tax collection. Being separated. “The tax policy unit will be run with the help of the government and the private sector,” he said, stressing the need to “check tax leakage”.
He also said that the country would achieve a gross domestic product (GDP) growth rate of more than 6 percent by 2028. “Pakistan has achieved an account surplus after 24 years,” he added.
The minister concluded by stressing that the private sector has to drive the country and “we have to stand up as a nation”.
According to Information and Broadcasting Minister Attaullah Tarar, Uran Pakistan is a comprehensive agenda through which the journey of economic development will be started. He said that this agenda of economic reforms is for the development of Pakistan and its people.
This is a developing story and will be updated with more details.