Pakistan Launches Five-Year National Economic Plan for Sustainable Growth

ISLAMABAD: Pakistan’s government is set to launch its five-year homegrown National Economic Plan today, Tuesday, targeting sustainable growth and development in the long-term, state-run media reported as Islamabad’s struggles to ward off a macroeconomic crisis.

Pakistan’s government has attempted to steer itself out of a prolonged macroeconomic crisis that has weakened the South Asian country’s currency and drained its foreign exchange reserves. 

Pakistan’s Planning Minister Ahsan Iqbal said in July that the National Economic Plan will be based on the 5Es framework (exports, energy, economic growth, education and equality), adding that it would aim to foster stability and lay the foundation for future growth in Pakistan.

“Home Grown National Economic Plan for next five years will be launched today,” state broadcaster Radio Pakistan reported. 

Speaking at an event in the eastern city of Lahore on Monday, Iqbal said the plan will help achieve economic development in the country. He stressed on promoting exports, e-commerce, human resource development, technological advancement, modernization of agriculture sector and an energy efficient system for attaining sustainable development goals.
The development takes place amid Prime Minister Shehbaz Sharif’s increased efforts for greater collaboration in trade, defense, agriculture and other key sectors of the economy with regional allies to attract foreign investment and brighten Pakistan’s economic prospects.

In its move to attract foreign investment in key sectors, Pakistan has enhanced its bilateral trade and investment ties with Saudi Arabia, the United Arab Emirates, Russia, Central Asian states and other Gulf countries. 

Also See: Pakistan Default Risk Declines 88%: Report

Pakistan suffered a sovereign default before Islamabad clinched a last-gasp $3 billion bailout program from the International Monetary Fund (IMF) in 2023 that helped its economy stay afloat. Pakistan’s Finance Minister Muhammad Aurangzeb has repeatedly said Islamabad needs to adopt an export-led economy to achieve long-term and sustainable economic growth.

This news is sourced from [Arab News] and is for informational purposes only.