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PM Shehbaz Unveils "Uraan Pakistan" Economic Plan 2024-29
PM Shehbaz launches the "Uraan Pakistan" plan, aiming for sustainable economic growth through exports, equity, and innovation. A bold step towards macroeconomic stability!
ND
by News Desk
2024-12-31
PM Shehbaz Unveils

Prime Minister Shehbaz Sharif officially launched the National Economic Transformation Plan 2024-29, titled "Uraan Pakistan: Homegrown National Economic Plan," in a ceremony held in Islamabad on Tuesday. The five-year plan aims to tackle Pakistan’s pressing economic challenges through a framework centered around the “Five Es”: Exports; E-Pakistan; Equity and Empowerment; Environment, Food, and Water Security; and Energy and Infrastructure.

The unveiling ceremony featured Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, and Deputy Prime Minister Ishaq Dar, who outlined the plan’s transformative vision.

Ambitious Goals

PM Shehbaz emphasized that the plan is a stepping stone toward reclaiming Pakistan’s economic potential. “In the last nine months, we have achieved macroeconomic stability through relentless efforts by federal and provincial governments and our partners. But this is just the beginning of a long journey requiring sacrifice, unity, and determination,” he stated.

Key components of the plan include:

  • Doubling exports through enhanced competition and efficiency.
  • Boosting digital adoption and AI innovation under the E-Pakistan initiative.
  • Addressing energy inefficiency and improving infrastructure to attract local and foreign investment.
  • Promoting a "Made in Pakistan" approach for self-reliance and sustainable growth.

Addressing Economic Challenges

PM Shehbaz candidly acknowledged past failures, such as recurring IMF bailouts, losses in state-owned enterprises, and policy inconsistencies. “Export-led growth is our ultimate savior, and we must focus on earning dollars through competitive exports,” he stressed.

He also called for political harmony to advance privatization efforts, particularly pointing to setbacks in the Pakistan International Airlines (PIA) privatization process.

Foreign and Local Investments

The government has set an annual investment target of $10 billion, focusing first on facilitating local investments to attract foreign investors. Measures such as separating tax policy from tax collection and leveraging data analytics to curb leakages were also highlighted.

A Unified Approach

Finance Minister Ishaq Dar called for burying “petty politics” to achieve progress, urging collective ownership of the economic roadmap. “Pakistan has slipped from the 24th to the 47th largest economy. But with unity and sustained reforms, we can still achieve the goal of joining the G-20,” Dar remarked.

Dar underscored the need for reforms to break the boom-and-bust economic cycles and achieve sustainable GDP growth of 6% by 2028. Other targets include creating one million additional jobs annually, securing $10 billion in private investment per year, and achieving $60 billion in exports by FY2028.

Focus on Implementation

Planning Minister Aurangzeb highlighted that the plan is unique for its comprehensive implementation mechanism. “Pakistan has never lacked in policy prescriptions, but implementation has been our weakness. This time, we are determined to follow through,” he said.

He detailed the plan’s three pillars: stimulating private investment, boosting exports, and optimizing public finances for stability.

Progress and Hope

Information Minister Attaullah Tarar affirmed that Pakistan’s economy has transitioned from the brink of default to stability. “The reform-driven agenda focuses on improving citizens’ lives, fostering growth, and bringing Pakistan back on the path to prosperity,” he said.

The Uraan Pakistan Plan represents a hopeful and strategic vision for Pakistan’s economic future, offering a roadmap for sustainable growth and national progress.
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UraanPakistan

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