ISLAMABAD, AUGUST 17: The goal of the economic development initiative is to lead Pakistan toward self-sufficiency and is based on suggestions made by British economist Stephen Durkin. Ahsan Iqbal, the minister of planning and development, Muhammad Aurangzeb, the minister of finance, and the national coordinator of the Special Investment Facilitation Council (SIFC) comprise the committee.
This team also includes the ministers of state for tax and energy, economic affairs, and information.
The committee will examine both the Ministry of Planning’s five-year development blueprint and Stephen Durkin’s draft economic plan. Under the direction of the British economist, a five-year plan for the sustainable growth of the Pakistani economy was dubbed the Stephen Durkin Plan.
The three main objectives of the proposed strategy are to increase exports, increase private investment, and promote economic growth. By 2028, exports are expected to reach $60 billion, with an annual economic growth target of 6% established. The proposal also calls for changes that will lower business and energy expenses, increase tax-to-GDP ratios, and create jobs.
Promoting technology transfer from China to Pakistan and increasing exports through joint ventures with Chinese companies are two of the plan’s main objectives. The plan also emphasizes how crucial political support is to its effective implementation.
The official release of the plan was originally slated on August 14, but it was postponed because of disagreements within the government and worries over the public’s lack of adequate relief measures. The prime minister is still dedicated to the initiative, though, and British economist Stephen Durkin will keep contributing to the committee’s deliberations as needed.
The special committee’s secretariat, the Treasury Division, has been designated to guarantee that the plan is in line with regional development objectives.
If implemented successfully, the reforms are expected to create one million jobs annually and substantially improve Pakistan’s economic outlook. The committee has been authorized to appoint additional members as necessary to ensure comprehensive sectoral development.
The committee will ensure that the draft plan is comprehensive, coherent and free of contradictions and that the sectoral plan is compatible with the locally developed economic development plan.
