Prime Minister Shehbaz Sharif on Wednesday lauded the economic progress achieved in the last nine months of his government’s tenure and emphasised export-led growth for the future.
His comments came a day after the government unveiled the National Economic Transformation Plan 2024-29, with the promise to revive the country’s economy.
The five-year plan aims to address key economic challenges through a targeted framework called the “Five Es” — Exports; E-Pakistan; Equity and Empowerment; Environment, Food and Water Security; and Energy and Infrastructure.
Speaking at a cabinet meeting in Islamabad today, PM Shehbaz said, “You should feel encouraged by the successes of the previous nine months, and as I said, growth depends on exports.”
He added, “If want to achieve economic progress then it has to be export-led growth, we don’t have any other option — related to this, I believe we have to take off in the growth sector, stability has been achieved, and now we have to move forward.”
Congratulating the participants of the meeting on the new year, the prime minister said, “I pray to God that for Pakistan and its people, it is a year of joy and may it bring prosperity through our efforts.”
Referring to the five-year plan, he said, “For the new year, it would prove auspicious if we remain on track and work hard to achieve the goals set in the plan.”
He specifically appreciated the efforts of Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, and other cabinet members along with academics and the relevant government officials concerning the plan.
PM Shehbaz also commended the efforts of Deputy Prime Minister Ishaq Dar, the State Bank of Pakistan governor, the finance minister and the Federal Board of Revenue (FBR) chairman for collecting an additional Rs72 billion under the advance-to-tax ratio which “contributed to achieving 97 per cent of the target for December committed to the International Monetary Fund.”
The prime minister noted that during the first five months of the current financial year, the remittances posted a record $15bn that he hoped would expand to $35bn by the end of the fiscal year.
Speaking about some of the measures taken to boost revenue, he said faceless interaction had started at Karachi’s port and through the Bill Gates Foundation, $6 million of funding was received for FBR digitalisation .
“All of them worked hard, and today a trial run has started in Karachi which is based on faceless interaction, and 89pc time has been reduced for container inspection” he said.
Additionally, PM Shehbaz said smuggling of sugar through Afghanistan had been reduced to zero which was a positive sign for the country’s economy.
He went on to say 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.”
