In an effort to revive the country’s economy, Prime Minister Shehbaz Sharif has established a seven-member committee tasked with the evaluation and implementation of a sustainable development strategy for Pakistan’s economic landscape.
As per a notification issued on Wednesday, the Deputy Prime Minister and Foreign Minister, Ishaq Dar, will preside over the committee.
This initiative for economic revitalization in Pakistan is in response to recommendations from British economist Stephen Durkin and aims to guide Pakistan towards achieving self-sufficiency. The committee comprises the Planning and Development Minister, Ahsan Iqbal, the Finance Minister, Muhammad Aurangzeb, and the national coordinator of the Special Investment Facilitation Council (SIFC).
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Additionally, the committee includes ministers responsible for economic affairs, information, revenue, and energy.
The committee will scrutinize Stephen Durkin’s proposed economic blueprint, in conjunction with a five-year development roadmap developed by the Ministry of Planning. Durkin, who oversaw the formulation of the Stephen Durkin Plan, a proposed five-year strategy for the sustainable expansion of the Pakistani economy, will continue to provide his expertise to the committee as required.
The proposed strategy is designed to foster economic growth, augment private investment, and expand export capabilities. A target has been set to achieve a 6% annual increase in economic growth and to elevate exports to $60 billion by 2028. The plan also includes strategies for job creation, reduction in business and energy costs, and enhancement of tax-to-GDP ratios.
A critical component of the plan is the facilitation of technology transfer from China to Pakistan and the enhancement of exports through partnerships with Chinese entities. Furthermore, the plan underscores the importance of political commitment for its successful execution.
The original announcement date for the plan was August 14, but it was postponed due to a lack of consensus among government officials and concerns regarding insufficient relief measures for the public. Despite these challenges, the prime minister remains committed to the project, and British economist Stephen Durkin will continue to offer his support to the committee as necessary.
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The Treasury Division has been designated as the secretariat for the special committee to ensure that the plan is in alignment with the objectives of local development.
Should the reforms be effectively implemented, they are projected to generate one million jobs annually and significantly improve Pakistan’s economic outlook. The committee has been authorized to recruit additional members as required to ensure comprehensive sectoral development.
The committee will ensure that the draft plan is comprehensive, logical, and devoid of inconsistencies, and that the sectoral plan is in harmony with the locally developed economic development strategy.
