Islamabad, Dec 31 (PTI) Pakistan Prime Minister Shehbaz Sharif on Tuesday unveiled a national plan for fast-track economic development aiming to transform the country in the next five years.

The ‘Uraan Pakistan’ five-year National Economic Transformation plan is aimed at steering the country towards sustainable growth from macroeconomic stability, the premier said while addressing the launching ceremony here.

The Pakistan Muslim League-Nawaz leader said the government has set an investment target of USD 10 billion annually and an enabling environment is being created to attract local investments as well.

Sharif said privatisation and outsourcing are vital to save huge losses for which political dialogue is necessary and for which the private sector will be encouraged “Today is a historic day as we commence the journey of Uraan Pakistan,” he said, and added that the purpose of the programme is development and it is important that all stakeholders work together.

The prime minister credited the public for enduring economic hardships and pledged to build on the current stability, describing it as “only the beginning”.

Sharif also criticised the previous government for straining relations with "friendly nations", stating that their conduct left Pakistan isolated on the global stage.

He outlined goals for economic reforms, expressing hope that Pakistan’s current agreement with the International Monetary Fund (IMF) would be its last.

“Through hard work, we can achieve success. Inflation has visibly decreased and the collaboration between the government and institutions continues to strengthen,” he said.

The prime minister stressed on the need for reducing the cost of inputs like electricity and gas to ensure sustainable growth. He said local industries should be made more compatible to save foreign exchange and expand exports, emphasising that export-led growth is the only option to make Pakistan a stronger economy.

He also highlighted the coalition government’s struggle to stabilise the economy during Pakistan’s 2023 financial crisis.

“When we were on the brink of default and striving for the IMF programme, we decided to prioritise saving the state over politics,” he said.

Praising the collaboration between government institutions, he said, “I have never seen such a partnership before. My prayer is for this unity to endure as we move forward with solidarity and determination, learning from past mistakes.” Finance Minister Muhammad Aurangzeb said “Uraan Pakistan” aims at attaining a sustainable GDP growth rate of six per cent by 2028, one million jobs annually, and ten billion dollars private investment per year.

He said this plan is accompanied by a comprehensive implementation mechanism to hit the export target of 60 billion dollars by fiscal year 2028.

He added that PM Sharif established a delivery unit at the prime minister’s office (PMO) to coordinate the implementation of sectoral plans and roadmaps.

“Pakistan recorded a fiscal surplus for the first time in 24 years, reduced inflation from 38 per cent to 5 per cent and improved the policy rate from 13 per cent to 22 per cent. The stock market is now the second-best performing globally, and investor confidence — both local and foreign — has surged,” he said.

Aurangzeb emphasised that the programme is laying the groundwork for sustainable economic growth, adding, “This is a turning point for the nation’s economic stability.” Radio Pakistan reported that Uraan Pakistan is built on pillars of 5Es, entailing exports, e-Pakistan, environment, including food and water security, energy and infrastructure as well as equity, ethics and empowerment.

The plan would place Pakistan on a path of sustainable high growth moving towards a stronger and more prosperous future with the commitment to build a solid foundation to transform Pakistan into a trillion dollar economy by 2035 and a three trillion dollar economy by 2047. PTI SH GSP GSP

National economic transformation plan prioritises privatisation and investment facilitation to drive export led growth and institutional delivery. A national economic transformation plan establishes a coordinated programme to accelerate sustainable growth through enabling investment, privatisation and outsourcing, and export led expansion; it prioritises lowering industrial input costs and reducing reliance on external financing. An implementation architecture including a delivery unit at the prime minister's office will coordinate sectoral roadmaps, performance targets for GDP growth and job creation, and a pillar structure (exports; e infrastructure; environment and resource security; energy and infrastructure; equity, ethics and empowerment) to guide policy and monitoring.