Faced with several economic recovery challenges, the federal government of Pakistan has launched a plan called 'Uraan Pakistan', which has set high targets for economic growth and exports as well as social sectors. Pakistan's Prime Minister Shahbaz Sharif officially inaugurated the program on December 30 at a time when the government has made claims about stability in the country's economy and reduction in the rate of inflation. While in connection with the bailout package of seven billion dollars from the IMF, Pakistan is making efforts to reform other sectors including taxation, privatization and energy.
Under 'Uraan Pakistan', economic goals have been set for the next five and long term up to the year 2035. For example, the country's growth rate has set a target of six percent increase in the next five years and the target of taking the Gross National Product (GDP) size to one trillion dollars in the next 10 years, i.e. 2035. Remember that this At present, Pakistan's GDP is around 374 billion dollars.On the other hand, in the opinion of the observers, the big goals set for the next five years under 'Uraan Pakistan' are 'ambitious' compared to the current economic indicators of the country. Economists say that it is difficult to achieve them because On the one hand, there is currently no solution to the ongoing political crisis in Pakistan, and on the other hand, it may be difficult to attract investors due to the increasing incidence of terrorism in the country.
What is 'Uraan Pakistan' program?
When Federal Minister for Planning and Development Ahsan Iqbal's media team of Uraan Pakistan said that its a comprehensive national economic transformation plan designed to take Pakistan to 'new heights of growth'. According to the government, the program aims to make the country stable, sustainable and competitive in the global economy. Based on the framework of the five Es. This statement It was said that the first objective is to create an export-oriented economy, the second is to bring about a digital revolution in the country, and the third is to deal with environmental change and its effects. The fourth sector where attention will be given is energy and infrastructure while the fifth is building an equity-based society.
Ambitious targets for five sectors and claims to be a 'game changer'
The first of the goals set by the government under this program is to increase exports to 60 billion dollars per year in the next five years. It should be noted that the current volume of Pakistan's exports is around 30 billion dollars per year. Similarly, the GDP growth rate has to be taken up to six percent in the next five years. In the first quarter of the current financial year, the growth rate has been less than one percent.
In the field of e-Pakistan, a goal has been set to take the freelancing industry of information technology to five billion dollars in the next five years, for which two lakh IT graduates will be prepared annually. In the field of environmental change, the next five years It has set a target of a 50 percent reduction in greenhouse gases, along with an increase in arable land by more than 20 percent and an increase in water storage capacity of up to ten million acre feet. To increase the share of renewable energy in the energy sector to ten percent. In the field of social equality, according to the document of 'Uraan Pakistan', to reduce the poverty rate to 13 percent. According to the data of the World Bank, Pakistan has 40 percent of the population is living below the poverty line, and according to World Bank estimates, this rate is likely to rise above 40 percent by 2026.
Planning Minister said that the government will provide investment opportunities under the program, which includes simplified rules and incentives to promote national and international investment, along with digital facilitation. Support for IT start-ups and freelancing industry will be provided while government support in the form of funds and grants for technological research, innovation and industrial development. Also through large-scale development projects are part of this program.
Uraan Pakistan has been called a 'game changer' by the government. In this regard, the Federal Minister of Planning said that the goal of economic stability under this program is because the establishment of an export-based economy will stabilize the Pakistani rupee and promote economic development. Promotion of technology will make Pakistan stand out in the global market and better use of natural resources for sustainable development in the field of environmental protection while inclusion of women and youth in economic development in the field of social equality.
Udaan Pakistan's goals 'unrealistic'?
The targets set in Uraan Pakistan are much higher than the current indicators of Pakistan's economy and economists are not very optimistic about their achievement in five years. According to them, the current ground realities of Pakistan, such as political instability and peace And the poor situation of peace, I find it very difficult to achieve these goals. Dr. Hafeez Pasha, the former finance minister of Pakistan, said that 'No one will take these goals seriously.' Time is the biggest problem in the short term (term) goals while the government is setting long-term (long-term) goals. He said that the government is not able to achieve the short-term goals set under the IMF program, such as tax collection, etc. In such a situation, how is it possible for the country to move towards any big goal?
Dr. Pasha said that achieving a six percent growth rate is very difficult and taking the GDP size to $1 trillion "seems very difficult" as Pakistan's economy barely managed to achieve a one percent growth rate this fiscal year. According to him, it will be difficult to achieve the target of exports of 60 billion dollars because this target is to be achieved by the industry, which will be done by investing in it, while the state of investment in the industry in Pakistan is that it is Time lowest in 25 years Dr. Pasha said that due to political instability, investment in Pakistan has already decreased and everyone is aware of the frequent incidents of terrorism. He said that the government's future A five- or ten-year plan now 'seems inappropriate when short-term goals seem impossible to achieve.
Political economy expert Abbas Mousavi said that political stability and law and order situation play a key role in economic growth. He gives an example that "The government has talked about digital revolution in Uraan Pakistan, while the situation here is that the freelancing community has been badly affected due to the shutdown of the Internet." In the opinion of Abbas Mousavi. Uraan Pakistan Involvement of all will be considered a claim only because political representation in the country is "compromised." However, senior economic affairs journalist Shehbaz Rana said regarding the development goals in the digital sector that the alleged fire in terms of billions of dollars. The installation of the wall has affected the development in the IT sector.
On the other hand, the Federal Minister of Planning says that this program of economic recovery has been prepared 'in the light of ground realities and global experiences'. According to him, if the government and the private sector work with transparency, persistence and public involvement, it will The targets are achievable and he cites countries like Malaysia, Turkey and South Korea as examples. Although Ahsan Iqbal admits that these targets are certainly 'challenging', they are not unrealistic according to him. through development partnerships and better allocation of resources These goals can be achieved.
Will Pakistan not have to go to the IMF after this program?
Speaking at the launching ceremony of the Uraan Pakistan program, Federal Finance Minister Muhammad Aurangzeb said that after two or three years of this program, Pakistan will not need to go to the IMF. Commenting on this statement of the Finance Minister. Former finance minister Dr. Hafeez Pasha said that 'Our governments have said 25 times in the past that this program is the last, but the fact is that Pakistan has become the country that has received the most 25 times IMF program in the world. He said that the government should work on achieving the short-term goals set by the IMF, which are not being achieved at the moment. Everyone will just laugh at setting big goals in the name of Uraan Pakistan.