(Asghar Ali Mubarak)
ISLAMABAD (TNS) Prime Minister Shehbaz Sharif is hopeful for economic development and national prosperity in the New Year from the “Uraan Pakistan” program,
In the federal cabinet meeting, the Prime Minister expressed hope that this year will prove to be good for Pakistan and will bring good and blessings, the only condition is that hard work, hard work and hard work is done.
The “Uraan Pakistan” program will prove to be a good omen for the New Year, we have no option but to increase exports
Shehbaz Sharif said that if Pakistan’s economic development is the goal, then we have no option but export-based development, stability and progress have been achieved in the growth sector, in this regard, the progress in the Advance to Deposit Ratio (ADR) should be appreciated, as a result of which $ 72 billion in revenues have come to the treasury and the IMF’s 97 percent target for December in terms of revenues has been achieved.
Now we have to move towards the flight phase of development, although the performance is much better than last year, but there is a significant gap in the targets agreed with the IMF.
I pray for the prosperity of Pakistan at the beginning of the New Year, if we strive to achieve our goals with determination and hard work, then “Uraan Pakistan” will be an auspicious omen in the New Year. Remember that the ‘Udan Pakistan’ plan is a five-year plan, which provides a targeted framework to address key economic issues under the five ‘Es’ (Exports, e-Pakistan, Equality and Empowerment and Environment.
In early April 2024, Prime Minister Shehbaz Sharif had stressed the importance of formulating a comprehensive five-year strategy and a collaborative approach to doubling Pakistan’s exports.
He had asked the Ministry of Commerce to formulate an export strategy in consultation with successful traders and stakeholders.
It should be remembered that to ensure Pakistan’s growth and progress, the key factors such as population, inflation, and GDP must be addressed immediately. The ‘Uraan Pakistan’ plan is based on several points that must be implemented for the country’s growth and prosperity. There is a need to adopt modern sectors such as automation, nanotechnology, and artificial intelligence that will transform the economy of the future, Pakistan will have to align its human resources with emerging technologies. In this regard, Planning Minister Ahsan Iqbal said that we have reviewed the key issues facing Pakistan in the last 16 months and identified the priorities on which a solid foundation can be established. This has led to the creation of a five-A framework, which will address our fundamental challenges. This framework includes increasing and diversifying exports so that export-led growth can become the central component of the economy, using the power of digital transformation to transform Pakistan into a technology economy, ensuring environmental, food, and water security, and achieving sustainability. The framework also promotes equity, ethics and empowerment, with youth and women playing a key role in the future development process.
According to data approved by the National Accounts Committee (NAC) and released by its Bureau of Statistics, the economic growth rate in the first quarter of the current fiscal year was recorded at 0.92 percent in July-September, much lower than the 2.3 percent recorded in the same period of the previous fiscal year.
Pakistan is on a difficult path to economic recovery and was provided with a $7 billion facility from the International Monetary Fund (IMF) in September.
The quarterly growth was mainly due to a 1.43 percent increase in the services sector and 1.15 percent in agriculture, however, the industrial sector contracted by 1.03 percent, which affected the overall economic performance.
The NAC has reduced the GDP growth rate for the current fiscal year from 2.52% to 2.50%. He said that remittances have been $15 billion in the first five months of the fiscal year and if the same pace continues, remittances will reach $35 billion, which will be the highest record in history.
Prime Minister Shahbaz Sharif is determined to achieve the goals of the Uraan Pakistan program. The Uraan Pakistan campaign is a vision of Allama Iqbal for the development, prosperity and unity of Pakistan. The Prime Minister has launched a historic plan for the construction and development of the country’s economy, the National Economic Plan 29-2024. The Uraan Pakistan program is a comprehensive roadmap for sustainable development. Digital economy, energy, infrastructure, environment and employment opportunities are important aspects of Uraan Pakistan. The Uraan Pakistan program aims to provide a strong economic platform to the country’s economy. The inauguration ceremony of the launch of the ‘Uraan Pakistan’ program was attended by Prime Minister Shahbaz Sharif, federal ministers, members of parliament and high officials. The inauguration ceremony was also attended by Prime Minister Azad Jammu and Kashmir Anwarul Haq, Chief Minister Punjab Maryam Nawaz, Governor Khyber Pakhtunkhwa and Governor Balochistan. Addressing the inauguration ceremony of the national economic plan ‘Uraan Pakistan’, Prime Minister Shehbaz Sharif said that today is a great day on which the ‘Uraan Pakistan’ program was launched. Despite immense challenges, we have achieved economic stability. We succeeded in doing so, we have to move forward through unity and solidarity. When we took power, Pakistan was on the verge of default. The coalition government decided that we would not do politics but save the state. Letters were written to stop the IMF program. What greater injustice could be done to the people than this? The IMF program was approved in Paris in the third week of June. We have faced huge challenges in the last 9 months. Shahbaz Sharif said that we decided that we would go to any extent to save the state. For economic stability, we had to take another IMF program. This will be the last IMF program in Pakistan’s history. In the past, we became isolated in the world due to arrogant and unfriendly attitudes, friendly countries were angered, some of them cannot even speak against friendly countries, on one side, Kashkol, on the other, friendly countries were angered. The time has come to achieve the goals of the Uraan Pakistan program, India followed Nawaz Sharif’s model, the Prime Minister said that the people faced the worst inflation but showed patience, today inflation has come to less than five percent. IT exports have increased by 34 percent, this is the result of the hard work of the government and SIFC, the government and institutions are working together, such partnerships have not been seen in institutions in the past. He said that I pray that this partnership continues until the end of time, nations are formed through unity and consensus, it is necessary to provide a conducive environment for the establishment of an export economy, the axis of Udan Pakistan is the promotion of domestic exports. Youth are our asset, we will provide all possible facilities to the youth, today is the era of digital economy, we will provide all resources for the development of the IT sector, if Pakistan has to move forward, taxes have to be reduced, if I have the chance, I will reduce taxes, the time will come to reduce taxes. Addressing the inaugural ceremony, Finance Minister Muhammad Aurangzeb said that it is an honor to participate in the inaugural ceremony of the National Economic Plan Udan Pakistan, macroeconomic stability has come to the country, inflation has come down to single digits from 38 percent, I am very happy with the launch of the Homegrown National Economic Plan. Pakistan achieved a surplus in the fiscal year after 24 years, inflation has decreased from 38 percent to 5 percent, the policy rate has decreased from 22 percent to 13 percent, the confidence of local and foreign investors has increased, Pakistan’s stock market has set new records. The Federal Finance Minister said that KIBOR is currently around 12 percent, we have to move towards further growth, the 93 percent reduction in default rate is a great achievement, we have to move towards further stability under the leadership of Prime Minister Shahbaz Sharif, economic stability is indispensable for sustainable development. We have reached this point after the efforts of the last 12 to 14 months, progress has been made in the efforts to achieve macro stability in the last 12 to 14 months, the efforts of SIFC are important for investment, every aspect has been reviewed in detail in the Homegrown National Action Plan. The private sector has to be encouraged and investment increased through the National Economic Plan, we are moving away from planning and on the path of practical economic development, in 1991 Nawaz Sharif gave an agenda of economic development which now has to be restarted, our priority is the promotion of cheap energy and exports. There has been a significant reduction in debt, more funds will be available for the development of the social sector, the privatization process is being accelerated, Pakistan has been an import economy, we have to move towards growth, we will do this through fundamental reforms, the Prime Minister has established a committee for reforms. The Federal Finance Minister said that we will provide opportunities to the market and business on an equal basis, we will stabilize exports, and the exchange rate will be based on the market. Addressing the inauguration ceremony of the National Economic Plan “Udan Pakistan”, Federal Minister for Planning Ahsan Iqbal said that thanks to the Prime Minister’s bold steps, the economy is stabilizing today, the people of Pakistan are courageous and talented. Where there are challenges on one side, we also have immense opportunities, we have to take the country to the destination of development and prosperity by utilizing the opportunities, we have to pay special attention to the development of the social sector. Debt repayment is a big burden on the economy, we have to get rid of the clutches of debt, human resource development should be our priority, we have to focus on the education sector for sustainable development, under the leadership of Prime Minister Shehbaz Sharif, the country is on the path of development. Ahsan Iqbal said that the Pakistani economy has been disrupted by the end of the Nawaz Sharif government, political instability and discontinuity of policies affect economic development, Nawaz Sharif introduced an economic plan in the 90s, which was later adopted by the Manmohan Singh government. The Federal Minister for Planning said that this is not the program of any one party, it is Pakistan’s program, the destiny of nations lies in its decisions, we can take advantage of opportunities and achieve progress, no country, no factory can ever run on loans. Let’s march together for economic development, we will make Made in Pakistan a quality brand worldwide, we are facing big challenges in health. Addressing the inaugural ceremony, Foreign Minister Ishaq Dar said that Udan Pakistan is a comprehensive program of national development. Nawaz Sharif’s government gave a 3-E program and ended darkness from the country. Under Nawaz Sharif’s leadership, the 3-E goals were achieved. Economic development goals can be achieved through political stability. A huge action plan was presented by the Finance Minister and the Planning Minister. This plan was approved by the provinces and the federation. The PDM government led by Shahbaz Sharif saved the country from bankruptcy. Inflation is decreasing and the economy is improving. The stock market is setting new records every day. The way the government is moving forward, God willing, it will achieve its goals. Ishaq Dar said that if Pakistan wants to move forward, negative politics must be abandoned. Nature has blessed Pakistan with endless resources. It is necessary that we move forward together. Under “Uraan Pakistan”, Pakistan is poised to join the top 25 economies. A knowledge-based economy is the foundation of Vision 2025.
