Prime Minister Shehbaz Sharif on Wednesday hailed the economic progress achieved in the last nine months of his government and emphasized export-led growth for the future.
His comments came a day after the government unveiled the National Economic Transformation Plan 2024-29, promising to reactivate the country’s economy.
The five-year plan aims to address key economic challenges through a specific framework called the “Five E’s”: Exports; E-Pakistan; Equity and Empowerment; Environment, Food and Water Security; and Energy and Infrastructure.
Speaking at a cabinet meeting in Islamabad today, Prime Minister Shehbaz said: “You should be encouraged by the successes of the previous nine months and as I said, growth depends on exports.”
He added: “If we want to achieve economic progress, then it has to be export-led growth, we have no other option; in relation to this, I think we have to take off in the growth sector, stability has been achieved.” and now we have to move on.”
Congratulating the meeting participants on the new year, the prime minister said, “I pray to God that for Pakistan and its people it will be a year of joy and bring prosperity through our efforts.”
Referring to the five-year plan, he said: “For the new year, it would be auspicious if we stayed the course and worked hard to achieve the goals set out in the plan.”
He specifically appreciated the efforts of Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb and other cabinet members along with academicians and relevant government officials in connection with the scheme.
Prime Minister Shehbaz also lauded the efforts of Deputy Prime Minister Ishaq Dar, Governor State Bank of Pakistan, Finance Minister and Chairman Federal Board of Revenue (FBR) in raising 72 billion additional rupees under the advance/tax ratio that “contributed to achieving 97 percent of the December target committed to the International Monetary Fund.”
The prime minister noted that during the first five months of the current financial year, remittances recorded a record $15 billion which he expected to expand to $35 billion by the end of the fiscal year.
Talking about some of the measures taken to increase revenue, he said that anonymous interaction had started at Karachi Port and through Bill Gates Foundation, $6 million funding was received for digitization of FBR.
“Everyone worked hard and a trial began today in Karachi which is based on faceless interaction, and the time for container inspection has been reduced by 89 percent,” he said.
Additionally, Prime Minister Shehbaz said that sugar smuggling through Afghanistan had reduced to zero, which was a positive sign for the country’s economy.
He went on to say that the government managed to achieve macroeconomic stability in nine months, “by the grace of God despite the sit-ins that left no stone unturned to sabotage the economy.”
