Islamabad: Pakistan's newly-elected Prime Minister, Shehbaz Sharif, has announced plans for a comprehensive five-year strategy aimed at revitalizing the country's struggling economy, as reported by Dawn newspaper on Friday. The proposed roadmap targets key areas such as inflation control, poverty reduction, and job creation.
Minister of State for IT, Shaza Fatima Khawaja, revealed that during the initial meeting, Prime Minister Sharif instructed various ministries to provide estimates and form a committee to set five-year targets across different sectors including IT, agriculture, industry, energy, and reforms in the Federal Board of Revenue (FBR). Khawaja further stated that the committee would consolidate information from ministries to draft a unified document outlining targets for each sector.
Prime Minister Sharif emphasized the importance of consulting stakeholders from various economic sectors and urged swift implementation of projects to ensure economic stability and progress. He stressed the need for a clear implementation schedule and prioritized progress in agriculture, livestock, IT, foreign investment, and small and medium enterprises (SMEs). Additionally, he pledged to reduce government expenditure and prevent further misuse of public funds.
With Pakistan facing economic challenges, including a staggering debt burden and security issues, Prime Minister Shehbaz expressed confidence in stabilizing the economy over the next five years. He outlined plans to increase tax revenue through digitalization, improve agricultural productivity with technology, and prioritize privatization of loss-making government institutions.
Cabinet members including Ahsan Iqbal, Muhammad Jehanzeb, Ahad Khan Cheema, and Dr. Musadik Malik attended the meeting, showing support for the proposed economic revival plan.
In a bid to ease political and social tensions, Minister for Petroleum and Energy, Musadik Malik, emphasized the need for tolerance and cooperation among political parties. He highlighted the Prime Minister's sector-specific strategies for agriculture, education, SME promotion, and energy transition towards cheaper and greener sources. These strategies include direct subsidies for farmers, provision of quality seeds, and facilitation of solar-powered tube wells to increase agricultural productivity and reduce dependency on middlemen.
The coalition government, which assumed power after the February 8 elections, faces the immediate task of addressing Pakistan's economic challenges and steering the country towards prosperity.
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