PM Shehbaz Unveils ‘Uraan Pakistan’ Plan to Propel Export-Led Economic Growth

Plan for sustainable export-led growth through

five key pillars: exports, e-Pakistan, environment

energy, equity, and empowerment

Associated Press Pakistan

Islamabad: Prime Minister Muhammad Shehbaz Sharif on Tuesday launched the National Economic Transformation Plan “Uraan Pakistan” (2024-29), aimed at achieving sustainable export-led growth through five key pillars: exports, e-Pakistan, environment, energy, equity, and empowerment.

Focus on Sustainable Growth

Addressing the launch ceremony, the prime minister emphasized that macroeconomic stability had been achieved. The government will now focus on targeted investments and reforms to stimulate growth, particularly in IT, agriculture, exports, and mining.

He stressed that the plan’s success depends on national unity and political harmony, urging all stakeholders, including political parties, institutions, and citizens, to work collectively.

Investment and Export Goals

Prime Minister Shehbaz vowed to increase annual investments to $10 billion over the next five years. He highlighted that boosting exports would be the cornerstone of the plan, calling it the “ultimate savior of Pakistan’s economy.”

He added, “The government is creating a conducive environment for the private sector to promote export-oriented industries, ensuring export-led growth remains central to Uraan Pakistan.”

Tackling Economic Challenges

The prime minister acknowledged major challenges, including corruption, inefficiencies in the energy sector, and losses by state-owned entities, which have cost the country Rs 6 trillion over the last decade. He announced ongoing reforms in the Federal Board of Revenue (FBR) and measures to tackle circular debt in electricity and gas sectors, which stands at approximately Rs 2-3 trillion.

Achievements and Key Indicators

Highlighting recent economic progress, he noted:

• Inflation eased to 5%
• Exports grew by 10%
• Remittances surged by 24%
• IT exports rose by 34%
• Policy rate declined to 13%

He also underscored the government’s focus on solar energy as a clean and affordable power solution.

Overcoming IMF Challenges

Reflecting on the economic challenges of 2023, Shehbaz Sharif shared how the government averted a potential default by concluding an IMF program. He expressed hope that this would be the last IMF facility, highlighting that national interest took precedence over political ambitions during the crisis.

Unity for Progress

The prime minister reiterated the importance of collective action and proposed a Charter of Economy to ensure political and economic stability. He stated, “Pakistan can regain its lost glory through self-introspection, learning from past mistakes, and moving forward as a united Team Pakistan.”

Attendees and Acknowledgments

The event was attended by Deputy Prime Minister Ishaq Dar, federal and provincial ministers, Punjab Chief Minister Maryam Nawaz Sharif, diplomats, businessmen, and experts.

Prime Minister Shehbaz congratulated Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, and other contributors for their efforts in developing this homegrown five-year economic plan.