Islamabad, Dec 31: Prime Minister Shehbaz Sharif formally launched the five-year National Economic Transformation Plan 2024-29, titled “Uraan Pakistan: Homegrown National Economic Plan,” in a ceremony held in Islamabad. The plan focuses on addressing critical economic challenges through a framework of “Five Es”: Exports, E-Pakistan, Equity and Empowerment, Environment, Food and Water Security, and Energy and Infrastructure.
The premier, along with Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, and Deputy Prime Minister Ishaq Dar, emphasized the significance of a unified approach to revitalizing the nation’s economy. Highlighting the government’s efforts over the past nine months, Shehbaz noted the achievement of macroeconomic stability amidst immense challenges but acknowledged that substantial efforts were still required to achieve sustainable growth.
Shehbaz pointed out the systemic issues that led Pakistan to seek another bailout from the International Monetary Fund (IMF), including losses in state-owned enterprises, circular debt, and corruption. He outlined the key elements of the reform package, focusing on reducing input costs, encouraging investment, and lifting import curbs to promote competition and export-led growth. The prime minister underscored the critical importance of export-led growth as a solution to Pakistan’s economic challenges, emphasizing the need to earn dollars through competitive international trade.
The premier also highlighted the potential of the digital and technology sectors, calling for advancements in artificial intelligence adoption. He stressed the importance of fostering political harmony to advance privatisation efforts and mitigate inefficiencies in state-owned enterprises, citing setbacks in privatising Pakistan International Airlines (PIA) as a challenge that needed to be overcome.
Shehbaz set an ambitious target of attracting $10 billion in annual investment, noting that facilitating local investors would be key to drawing foreign investment. Information Minister Attaullah Tarar later described the reforms as pivotal for accelerating growth, stabilizing the economy, and improving the lives of citizens, with a strong focus on a “Made in Pakistan” approach.
