ISLAMABAD: Prime Minister Shehbaz Sharif has introduced a comprehensive economic reforms package, “Uraan Pakistan,” aimed at spurring growth and enhancing the livelihoods of the people. Speaking at the launch ceremony in Islamabad on Tuesday, the Prime Minister emphasized the importance of unity and collective effort in navigating the country’s economic challenges.
“Today is a significant day,” PM Shehbaz declared in his opening remarks, reflecting on the joint efforts made by federal and provincial governments, as well as international partners, to stabilize the economy. He acknowledged the remarkable work done by key ministers, including the finance, planning, and deputy prime ministers, in their detailed presentations on the plan.
The Prime Minister noted that despite the tremendous challenges faced over the past nine months, the country had achieved macroeconomic stability. “This is just the beginning,” he said, stressing that Pakistan must continue on its long path towards sustainable growth, which will require sacrifices and hard work.
He urged the nation to unite in thought and action, and highlighted the vital support and cooperation from key figures such as Ahsan Iqbal, Muhammad Aurangzeb, the federal cabinet, and provincial governments in crafting this homegrown economic agenda.
Reflecting on Pakistan’s past struggles, PM Shehbaz recalled the sacrifices made during the nation’s previous financial crises, including efforts under the leadership of Nawaz Sharif when political interests were set aside for national well-being. He also mentioned the challenges faced when negotiating with the International Monetary Fund (IMF) in 2023, emphasizing the government’s success in securing an IMF program that, he assured, would be the last one for Pakistan.
The Prime Minister also pointed to the underlying issues that led the country to seek IMF assistance, including the mismanagement of state-owned enterprises, the circular debt, and widespread corruption.
The Uraan Pakistan Plan:
The “Uraan Pakistan” package consists of a five-year national economic plan aimed at transitioning the country from macroeconomic stability to sustainable growth. Finance Minister Muhammad Aurangzeb described the initiative as a pivotal moment, with one of the key objectives being export-led growth to prevent economic volatility. He stressed the importance of the private sector playing a leading role in this transformation.
In his address, Finance Minister Aurangzeb highlighted several positive macroeconomic indicators, including the Karachi Interbank Offered Rate (Kibor) near 12%, which is benefiting the private sector. He also noted that foreign direct investment is increasing rapidly and that the Pakistan Stock Exchange (PSX) is breaking records, now ranking as the second-largest market globally. Furthermore, inflation has dropped significantly from 38% to 5%.
Aurangzeb confirmed that the government is focused on implementation, rather than just planning, and that reforms are underway within key institutions such as the Federal Board of Revenue (FBR) to stabilize the export-oriented economy. He also outlined efforts to overhaul Pakistan’s tax system, which includes reforms to separate tax policy from tax collection.
Looking ahead, the finance minister projected that Pakistan would achieve over 6% GDP growth by 2028, marking a turning point for the nation. He concluded by stressing that the private sector must drive the nation’s economic future, and that the country must unite to secure its prosperity.
Minister for Information and Broadcasting, Attaullah Tarar, described “Uraan Pakistan” as an inclusive agenda that seeks to guide the nation on its journey of economic development, aimed at uplifting both the economy and the people of Pakistan.
