ISLAMABAD – Prime Minister Shehbaz Sharif on Tuesday launched the five-year National Economic Transformation Plan “Uraan Pakistan,” which aims to achieve sustainable export-led economic growth based on 5Es – exports, e-Pakistan, environment, energy, equity, and empowerment.
The prime minister, addressing the launching ceremony of the homegrown national economic plan (2024-29), highlighted that having achieved macroeconomic stability, the all-out focus would be on boosting growth through targeted investment and reforms.
However, the prime minister said the success of the five-year plan which specifically focuses the development in IT, agriculture, exports and mining and mineral sectors was linked with national unity and political harmony and collective efforts by all stakeholders, including political parties, institutions, and the people. The event was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers, Balochistan and KP governors, Punjab Chief Minister Maryam Nawaz Sharif, provincial ministers, diplomats, businessmen, and experts.
He vowed to make the focused efforts on increasing the annual investment in various sectors to US$10 billion. Over the next five years, he said the government’s key priority will be to stimulate economic growth especially through exports, he added.
“The government has achieved the macro-economic stability due to teamwork of the federal cabinet, the deputy prime minister, provincial chief ministers, and the institutions,” he said adding he never experienced this kind of cooperation that he received from the Chief of the Army Staff.
He told the gathering that the government would create conducive environment and incentivise the private sector to promote the export-oriented industry as the “export-led growth will be the pivot of “Uraan Pakistan” for being the ultimate savior for the Pakistan economy.”
He regretted that a huge chunk of the country’s resources went to waste annually due to corruption, leakages in electricity and gas, and lack of reforms in various sectors.
He said the Federal Board of Revenue had the potential to multiply its revenue collection for which the institution was being reformed.
Similarly, he said the state-owned entities incurred losses of Rs 6 trillion during the last one decade, while the electricity and gas sectors had circular debts of around two to three trillion rupees.
Prime Minister Shehbaz, who earlier launched the logo, website, and a book on Uraan Pakistan, said that during the last nine months, the government had to face huge challenges but achieved macroeconomic stability, due to untiring efforts of the federal and provincial governments and cooperation from the international partners. “But this is just the beginning of a long journey and it requires unity.”
Highlighting the positive macroeconomic indicators he mentioned inflation eased to 5%, average exports increase by 10%, a surge in remittances by 24%, and IT export boosted by 34% during last five months, besides the policy rate decline to 13%.
Calling “solar name of the game” he emphasized the importance of clean and affordable energy sources and a special focus on solar energy. The prime minister noted that the journey from instability to development and from stability to a strong economy had witnessed several challenges.
He said that in 2023, the government struggled hard to conclude the IMF program as Pakistan was on the verge of default owing to continuously depleting foreign exchange reserves. He also expressed the hope that that it would be the last IMF facility.
“To avoid this default, our party (PML-N), and the coalition partners jointly decided that we will sacrifice our politics for the national interest.” He also mentioned the attempts made by a political party to sabotage the negotiations with the IMF. He said Allah Almighty had blessed Pakistan with huge natural resources and talented manpower that could be utilized to achieve the ambitious development targets.
He said Pakistan could regain its lost glory through self-introspection, learning lessons from past mistakes, and marching forward as Team Pakistan with unity of thoughts and actions.
He also defended his government’s re-negotiation with IPPs saying that it was time the elite class also sacrificed for the country. Prime Minister Shehbaz also reiterated his openness about the Charter of Economy among the political parties, as both the political and economic stability with interlinked.
He congratulated Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, entire federal cabinet, government officials, and provincial chief ministers for their great efforts to carve out this homegrown five-year plan.
‘Year of great achievements’
Prime Minister Shehbaz Sharif, in his message on Tuesday on the beginning of the new year, urged the nation to collectively strive for a better and stronger Pakistan in 2025 as the country overcome its daunting challenges of economic crises in 2024.
In PM’s office news release, the prime minister congratulated the entire nation on the beginning of the New Year. “I pray that the sun of 2025 will rise with the promise of progress and prosperity for our country Pakistan. I also pray that in the New Year we correct our individual and collective mistakes committed in the past year and make a new beginning and start a new bright future,” he said.
The PM prayed that the economic, political and law and order crises that the world faced in 2024 would be overcome by positive progress in the New Year. May the New Year prove to be the year of ending hunger, poverty, war, terrorism, crimes, sectarianism and class division from the whole world including Pakistan, he said. The year 2024, he said was a year of great achievements for the country, adding, “Our economic indicators improved during 2024. International financial institutions expressed their confidence in Pakistan. Investment agreements worth billions of rupees were signed with friendly and brotherly countries and the work on digitization of the economy started.”
PM Shehbaz also underscored that the government had officially launched the National Economic Transformation Plan titled “Uraan Pakistan” – Pakistan’s Flight which was his government’s commitment to give a new dimension to the economy, promote inclusive growth and achieve sustainable development.
“As we enter 2025 and put the economy on the path to self-reliance, today we commit to a stable, bright and prosperous future,” PM Shehbaz said.
The PM added that the year 2024 was the worst year for Israeli atrocities in Palestine, in which the Israeli occupation forces had created stories of cruelty that had no precedent in recent history.
In the same way, he said the oppressed brothers and sisters in Indian Occupied Jammu and Kashmir were victims of the brutality of the Indian occupying forces.
“I hope that in 2025, Palestine and India’s illegally occupied Jammu and Kashmir will be successful in their struggle for freedom,” he prayed.
In 2024, he said the brave security forces achieved success against terrorists. In this war against terrorism, the brave soldiers of the security forces sacrificed their lives, whose sacrifices the nation would remember forever, the prime minister added. He urged the nation to vow at the beginning of the New Year to not hesitate to make any sacrifice to make this country the Pakistan of Quaid-i-Azam and Allama Iqbal. “This country is the trust of our people, we will unite our blood and sweat in its protection and development. I pray that 2025 will be a year of good fortune and immense happiness for our nation. Long live Pakistan!,” the prime minister said.
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