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Pakistan

Govt unveils ‘Economic Revival Plan’ as Pakistan deals with distress

  • Plan envisages capitalising Pakistan’s untapped potential in key sectors of defence production, agricultural, livestock, minerals, mining, IT and energy through indigenous development and investments from friendly countries
Published June 20, 2023

The government of Pakistan on Tuesday unveiled what it termed the ‘Economic Revival Plan’ that focuses on “untapped potential in key sectors” at a time of record inflation, interest rates, and depleting foreign exchange reserves.

According to a statement, Prime Minister Shehbaz Sharif chaired a high-level meeting that resolved to introduce the strategy. The event was chaired by the Prime Minister of Pakistan and attended by the Chief of Army Staff, Chief Ministers, Federal and Provincial Ministers and high-level government officials.

“The plan envisages capitalising Pakistan’s untapped potential in key sectors of defence production, agricultural, livestock, minerals, mining, IT and energy through indigenous development and investments from friendly countries,” it said.

Moreover, the establishment of Special Investment Facilitation Council (SIFC) has been undertaken to act as a single window interface for the potential investors as well as to adopt a unified approach.

“The setup will shorten the cumbersome and lengthy business processes through a cooperative and collaborative whole of the government approach with representation of all stakeholders,” it added.

“It is aimed at creating horizontal-vertical synergy between federation and provinces, facilitating timely decision making, avoiding duplication of effort and ensuring swift project implementation.”

The high-ranking participation from federal and provincial governments manifests the national resolve to turn around the economy despite all odds, the statement added.

PM Shehbaz recalled that his government inherited an economy which was on brink of collapse.

“With bold and difficult decisions, it is now being steered towards growth and development,” he said. “There are, however, massive challenges ahead. Export oriented FDI hold the key to economic revival.”

Therefore, the government has decided to adopt a holistic/ whole-of-government approach which fosters partnerships within the federal and provincial governments for effective implementation and execution, it said.

“The investors would be given primacy and fast track approvals, through a well-coordinated approach,” he added.

The premier observed that the expected investments would create jobs and livelihoods for the youth and women. The focus should be on empowering young and females to realise their full potential, he advised.

“Let us resolve to work together, leave no stone unturned and be single-minded in our focus and direction,” the PM said. “We can transform the destiny of Pakistan and its people.”

Speaking on the occasion, Chief of Army Staff General Asim Munir assured army’s all out support to complement government’s efforts for Economic Revival Plan. He considered the plan fundamental to socio-economic prosperity of Pakistanis and reclaiming the country’s rightful stature among the comity of nations.

Comments

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Ashfaq Jun 20, 2023 10:03pm
Pls focus on may 9th and not on IMFs 9th review. Also try to bring back crooks in the next election
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M ZAFAR RASHEED AWAN Jun 20, 2023 11:23pm
Pakistan need to focus on internal issues first. Pakistan is bleeding through smuggling, tax evasion, political and bureaucratic elites, cash based trading and no/minimal tax from agriculture and real state sectors. Otherwise like previous practice of borrowing dollars will bring no stability
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Johnny Walker Jun 20, 2023 11:49pm
A country with virtually no law and order cannot attract investment or prosper. There is no other country in the world where a Army Chief takes part in cabinet meetings. Laughable dreams.
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Love Your Country Jun 21, 2023 12:08am
PTI will leave no stone unturned to sabotage all/any plans for the economy.
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AmirSh. Jun 21, 2023 12:10am
Seems like PDM led govt. has some long term plans. No election in sight, unfortunately.
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Martian Jun 21, 2023 12:11am
‘Delusional plans’ are the correct word to use in the headline.
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KU Jun 21, 2023 12:29am
Just asking a nuisance question and expecting an equal nuisance answer, doesn’t our track record or proven history tells us that all similar plans for economic growth have withered away due to an inherent lack of competence? But peripheral reading gives an impression that only large companies or multinationals will be welcomed in this revival while the masses will be left behind. Looks more like a declaration by the monarchy without giving any specifics of the grand design, but we are already beginning to smell smoke, guess the screen will emerge sooner or later.
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Ash Chak Jun 21, 2023 01:57am
Apart from establishing a ‘ single window ‘ , a one stop shop for investors, the plan is short on details. Creating a window, is the low hanging fruit, which has been tried numerous times. The important thing is to get investors interested. Any potential investor will have to face corrupt officials, lack of a reliable source of power, poor infrastructure and a population that is mostly illiterate.
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KhanRA Jun 21, 2023 03:13am
More nothing. These are minor issues that won’t change anything. Maybe we actually need to default so that we can have tough economic reforms.
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KhanRA Jun 21, 2023 03:14am
Why is the Army present?
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KhanRA Jun 21, 2023 03:24am
Why do we talk about “friendly countries” so much? No other country talks this way. China and US invest in each other. Even if they aren’t friends, it’s because they are attractive investment destinations. We have alienatrf the whole world with our religious/ideology foreign-policy that now we can count the number from the countries on one hand. The remaining 190 countries of the world don’t like us. no country wants to be friends with a country that talks about jihad.
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Tulukan Mairandi Jun 21, 2023 04:41am
Why would anyone invest in a country that has barred imports, has low human capital, unstable revenge politics, disallows repatriation of funds, has a history of dishonoring contracts, is highly corrupt and is a hotbed of terrorism? Fix fundamentals first.
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Abdullah Jun 21, 2023 08:43am
@Ashfaq, we need the new ones .The old ones like Imran are no where to be seen now a days after looting toshakhana and making deals worth 60 billion ruppee
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Maqbool Jun 21, 2023 10:28am
Excellent idea, but in Pakistan good ideas never get implemented only talked about . Should have been started a year ago when Dar became for FM and the IMF loan got doomed . I notice no attention is ever given to smuggling .
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IMTIAZ CASSUM AGBOATWALA Jun 22, 2023 07:22pm
Plan contains no specifics. Only table talk .
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ABDUL Rehman Jun 22, 2023 08:40pm
My comments are : The government should cut down the size of its cabinet as well as reduce the number of advisors. The privileges enjoyed by the elite class should be cut down which is the actual burden on the economy as Pakistan cannot afford this luxurious lifestyle. It is the practice all over the world, particularly in developed countries that any new government continues the positive plans made by previous governments. Similarly, this practice should be opted for in Pakistan. This ''Economic Revival Plan'' which is for the betterment of the country should be continued by the coming governments unless some changes/amendments are inevitable.
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