GDP
ISLAMABAD: Prime Minister Shehbaz Sharif has laid out an ambitious vision for Pakistan’s economic growth, aiming to elevate the Gross Domestic Product (GDP) to 15 percent over the next five years.
In a high-level meeting focused on the Ministry of Finance, PM Shehbaz emphasized the need for a comprehensive plan to increase revenue without burdening the common citizens.
He underscored the importance of empowering the provinces by devolving relevant ministries and departments to them, in accordance with the 18th constitutional amendment.
To address fiscal deficits, PM Shehbaz outlined plans to reduce government expenditure. He emphasized the acceleration of reforms and privatization processes for state-owned entities, particularly those operating at a loss. Additionally, he advocated for public-private partnerships to enhance services at major airports across the country.
PM Shehbaz highlighted the government’s commitment to gradually reduce public debt, reform pensions and subsidies, and expedite privatization efforts.
He welcomed the conclusion of the International Monetary Fund (IMF) standby program and pledged maximum effort towards the next program.
Efforts to mitigate external debt were also emphasized, with PM Shehbaz stressing the importance of leveraging the expertise of foreign specialists for economic advancement.
During the meeting, attendees were briefed on various economic indicators including the current account, remittances, foreign exchange reserves, taxes, revenue, and budget deficit.
The prime minister reiterated directives to curtail government spending and provided updates on reforms in the power sector, revenue, and subsidies.
Finance Minister Muhammad Aurangzeb, along with other ministers and relevant officials, were present at the meeting to discuss and strategize on the government’s economic agenda.
Earlier in the day, PM Shehbaz emphasized the significance of entering into a new program with the IMF, highlighting its role in bolstering international confidence in Pakistan’s economy and advancing the agenda of development and prosperity.
He announced that the finance minister would lead a delegation to Washington to engage in discussions regarding the new program during the IMF spring meetings.
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