Prime Minister Shehbaz Sharif is set to unveil a comprehensive five-year economic plan aimed at revitalizing Pakistan’s economy. The Prime Minister recently convened a crucial meeting with his economic team to finalize the key objectives of this plan. He instructed all ministries to prepare final drafts of their assigned targets, marking the commencement of the implementation phase for the economic plan. The successful execution of this plan is deemed essential for the nation’s economic stability. During the meeting, Prime Minister Sharif emphasized that setting clear targets within the economic plan would pave the way for development. The economic team, including Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Mohammad Aurangzeb, briefed the Prime Minister on the relevant objectives. The Ministry of Finance, Ministry of Commerce, and Federal Board of Revenue (FBR) provided updates on the economic program, and there was agreement to expedite the FBR’s digitization process.
The five-year plan aims to boost GDP growth, enhance exports, achieve FBR targets, implement a privatization strategy, control fiscal deficits, and ensure a primary balance surplus. It also focuses on public sector development programs (PSDP), investment, and overseas and agricultural plans. Key targets include a GDP growth rate of 6%, inflation control within 7-8%, and reducing the fiscal deficit to 6% of GDP this fiscal year, with plans to lower it further to 4.7% next year, 3.6% by 2026-27, and even more by 2028. The plan also outlines a strategy to double exports to over $60 billion over five years, with an annual increase of $5-6 billion. Furthermore, the Prime Minister has directed the development of a plan to increase farmers’ credit lending in collaboration with commercial banks. If the five-year economic plan is successfully implemented, it will mark a significant achievement for Shehbaz Sharif. In previous years, Sharif repeatedly proposed an economic pact that, due to disagreements with the Pakistan Tehreek-e-Insaf (PTI) party, never materialized. Whether it is a five-year economic plan or an economic pact, both aim to navigate Pakistan’s economy through its current challenges and alleviate the struggles of the common man.
Sharif’s proposals signal a genuine commitment to addressing economic issues, reflecting his awareness of their seriousness. Drawing from historical success, Pakistan’s early five-year plans brought significant economic benefits. Countries that adopted similar frameworks as models for their economic strategies now enjoy stable economies. The first five-year economic plan, implemented in 1955 under the leadership of Zahid Hussain, who was also the first Governor of the State Bank of Pakistan, set a precedent. Had his proposed agricultural reforms been implemented, Pakistan’s economic and social conditions might be markedly different today. Despite subsequent economic plans, the 11th five-year plan announced during the 2013-2018 tenure of the Pakistan Muslim League (Nawaz) government faced implementation challenges due to unstable political conditions. Now, the PML-N is once again poised to present a five-year plan. Prime Minister Sharif should engage not only with experts from various ministries but also consult leaders from all provinces and political parties. Incorporating valuable suggestions from political opponents would strengthen the plan, as this is not merely a political party’s agenda but a national economic imperative. Political differences should be set aside to ensure a unified approach to this critical issue.
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