ISLAMABAD: Prime Minister Shahbaz Sharif unveiled “Iran Pakistan”, a comprehensive five-year national economic transformation plan aimed at revitalizing Pakistan’s economy. This domestic initiative seeks to attract a staggering $10 billion in foreign investment annually, while also promoting an enabling environment to encourage local investment.
‘Oran Pakistan’ aims to achieve sustainable export-led economic growth based on the 5Es – Exports, e-Pakistan, Environment, Energy, Equity and Empowerment. It aims for a sustainable GDP growth rate of six percent by 2028, one million jobs annually, and private investment of $10 billion annually. Prime Minister Shehbaz Sharif launched the logo, website and book on Uran Pakistan. Shahbaz Sharif said that the success of the five-year plan, which is particularly focused on the development of the IT, agriculture, exports and mining and minerals sectors, will help national unity, political harmony and all stakeholders including political parties, institutions and people. Linked to the collective efforts of the holders. He said that privatization and outsourcing are very important to save huge losses for which political dialogue is very important. He also reiterated his call for a Charter of Economy among political parties, as both political and economic stability are intertwined.
Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, other federal ministers, Governors of Balochistan and KPK, Punjab Chief Minister Maryam Nawaz Sharif, provincial ministers, diplomats, businessmen, experts and professionals were present on this occasion. People were also present. The incident
He said that the domestic National Economic Plan (2024-29) will focus on promoting growth through targeted investments and reforms. He said that many challenges are faced in the journey from instability to development and from stability to a strong economy. He credited the federal cabinet, deputy prime minister, provincial chief ministers and the team work of institutions for achieving macroeconomic stability. He specifically mentioned that he had never experienced this kind of cooperation from the Army Chief. He reminded that in 2023, the government fought hard to complete the IMF programme. To prevent default, it was the PMLN and its coalition partners who sacrificed their politics to national interests. He also explained how the leadership of a political party tried unsuccessfully to sabotage the IMF programme.
Shehbaz also advocated for a Charter of Economy among political parties, as both political and economic stability are intertwined. He also referred to the wise economic policies of former Prime Minister Nawaz Sharif and said that former Indian Prime Minister late Manmohan Singh adopted them to overthrow the Indian economy. He defended the renegotiation with the IPPs, saying that now is the time for the elite class to make sacrifices for the country. He said that sustainable development cannot be achieved with expensive electricity, saying that he wants to reduce taxes by 10 to 15 percent. Furthermore, inputs will have to be made cheaper, investment encouraged and import restrictions removed to encourage competition, efficiency and export growth.
In the next address, Deputy Prime Minister Ishaq Dar recalled that in 2013, when Pakistan was on the brink of default, the PMLN government led by former Prime Minister Nawaz Sharif worked hard to bring the country out of crisis. He said that in 2017, the growth rate of the economy was 6 percent and inflation was as low as 4 percent. A government that won the election based on the three E’s (Energy, Economy, Extremism) successfully delivered and achieved the three ES. Dar pointed out that the PDM government under the leadership of Prime Minister Shehbaz Sharif took the country out of the pre-determined situation. DPM Ishaq Dar said “All we need is unity and hard work, and Prime Minister Shahbaz Sharif is leading from the front”.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said the plan is accompanied by a comprehensive implementation mechanism to achieve the export target of $60 billion by fiscal year 2028. Plans and roadmaps. He said that Pakistan recorded a fiscal surplus for the first time in 24 years, inflation decreased from 38 percent to 5 percent, policy rate decreased from 22 percent to 13 percent, while Pakistan’s stock market was currently the second largest in the world. It is in excellent performance. Aurangzeb said the five-year plan would encourage the private sector, improve exports and improve public debt.
He said that the plan is to achieve 6 percent annual GDP growth by 2028. The finance minister said that tax reforms are the hallmark of the five-year program through which the government wants to achieve a tax-to-GDP ratio of 13.5 percent. He said that the transformation of the Federal Board of Revenue (FBR) and the separation of tax policy from tax collection are the priorities of the government. He said that exploring new markets, diversifying exports and reducing exchange rates are the keys to sustainable export-led economic growth.
After 24 years, we achieved sustainable economic surplus and foreign account surplus in the current financial year 2024-25, Aurangzeb said. He said that the journey of sustainable economic development has started, all economic indicators are showing positive results. Planning Minister Ahsan Iqbal called the Special Investment Facilitation Council (SIFC) and the CPEC-5Cs (corridors) framework as two ‘golden opportunities’. Pakistan will turn its 5E framework into reality. “They align very well with our 5Es (Exports, Equity and Empowerment, e-Pakistan, Environment and Climate Change, and Energy and Infrastructure) framework, and help in its implementation,” he said.
Under this part of the 5Es, he said macroeconomic reforms will be implemented for export-led economic growth, as well as enhancing productivity, quality and innovation for global competitiveness, improving the investment climate. Efforts will be made to improve, diversify product mix and market access, promote SMEs, entrepreneurship. , and cluster-based development and enhancing the national brand – made in Pakistan.