ISLAMABAD: Federal Minister for Planning Minister Ahsan Iqbal has said the government will launch the National Economic Transformation Plan for the next five years on Tuesday.
Addressing at the passing out ceremony of the officers of the 47th Specialised Training Programme of Pakistan Administration Service in Lahore today, he said that the plan would be based on economic factors that Islamabad needs to address and achieve to ensure long-term progress and stability.
“He said that the transformation plan is based upon several factors which need to be addressed and achieved if Pakistan wants to develop and progress in future.”
The minister said that the government to focus its resources on promoting an export-based economy.
He urged authorities to pay attention to automation, nanotechnology and artificial technology, stressing that these sectors will “reshape future economics.”
“He urged the civil servants to utilize all their capabilities to better manage public issues, as civil service is a huge responsibility rather than just a job,” the state broadcaster said.
Islamabad has been struggling to recover from a macroeconomic crisis that has plagued the country for the past two years.
Inflation in the country surged to a record high of 38 percent in May 2023 fueled by rising prices of food and fuel, as the country’s national currency weakened against the US dollar while its foreign exchange reserves plummeted to historic lows.
Finance Minister Muhammad Aurangzeb has repeatedly said that the government needs to bring reforms in taxation, energy, and State-Owned Enterprises sectors and adopt an export-led economy to achieve long-term and sustainable economic growth.
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Prime Minister Shehbaz Sharif has also urged the government to seek greater collaboration in trade, defense, agriculture and other key sectors of the economy to attract foreign investment and brighten Pakistan’s economic prospects.
The SIFC, mandated to introduce uniform policy and bring investment in the country also playing its role in recovering the challenging economy.
