Latest news with #UraanPakistan
Business Recorder
5 days ago
- Business
- Business Recorder
Target to achieve $60bn in exports over next 5 years: Ahsan
ISLAMAABD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said the government's target is to achieve $60 billion in exports over the next five years. While addressing a meeting of National Assembly Standing Committee on Planning, the minister said, 'If we work with dedication, the dream of a $3 trillion economy by 2047 can become a reality.' The committee met with Syed Abdul Qadir Gillani in the chair in the auditorium of the Ministry of Planning, Development and Special Initiatives, Islamabad on Friday. He said that for the first time in the country's history, Rs1 trillion have been spent on PSDP (Public Sector Development Programme) projects. He said that a clear roadmap for 'Uraan Pakistan' (Pakistan's Ascent) to tackle the challenges the country faces. He said that political stability and continuity of policies are essential for the completion of development projects. He said that a long-term integrated policy and a conducive environment are fundamental requirements for development. The minister said that 'everyone must work for the country's economic growth, rising above political affiliations.' He said the Ministry of Planning has identified five solid pillars for sustainable economic growth. The minister gave the committee an overview of Uraan Pakistan — the National Transformation Plan 2025–2030. He noted that earlier national five-year plans succeeded due to political continuity, unlike the present scenario, where frequent democratic disruptions have hindered progress. He emphasised that even the best ideas require a stable and enabling environment to flourish. The minister highlighted Pakistan's economic turnaround since 2022, stating that inflation had been brought down from double to single digits. He elaborated on the government's strategic focus on the 'Five Es': Exports, E-Commerce, Energy, Environment, and Ethics — underlining them as critical pillars of the transformation agenda. He said that under the second pillar of the 'Five Es,' projects involving modern technology are being pursued. He said that under the 'Five Es,' the completion of water projects, in light of climate challenges, is a government priority. He said that the completion of the Diamer-Bhasha Dam is among the government's top priorities. He said that the government's aim is to ensure the supply of affordable and reliable energy. Under the fifth pillar of the 'Five Es,' the government is focusing particularly on human resource development, said the federal minister. 'After the 18th Constitutional Amendment, most departments have been devolved to the provinces, but centralisation of powers within the provinces has undermined its spirit. There should be a national dialogue on empowering local governments or creating new provinces to make Pakistan's administrative structure more effective,' said the federal minister. He said that controlling population growth is a national emergency and for this purpose, a National Task Force is being established. He said that just as we defeated India in 'Operation Bunyanum Marsoos,' we will achieve supremacy in the economic field with the same determination. The minister said that the government has achieved significant success in controlling inflation. He said that climate change has created new challenges for the national economy. The committee commenced with a follow-up discussion on the tragic Multan LPG tanker blast of January 2025. The committee raised serious concerns over the inquiry process and the distribution of compensation packages, particularly questioning why the elected member of the National Assembly was not consulted throughout the process. The committee recommended a reinvestigation into the incident. Chairperson Syed Abdul Qadir Gillani expressed his resolve to pursue the matter across all relevant forums, vowing to ensure accountability and prevent future tragedies. The committee called for a comprehensive briefing on the case. The meeting was attended by Committee Members Naz Baloch, Muhammad Moazzam Ali Khan, Farhan Chishti, Akhtar Bibi, Dawar Khan Kundi, and Yousaf Khan. Senior officials from the Ministry of Planning, Finance Division, OGRA, and other relevant departments were also present. Copyright Business Recorder, 2025
Express Tribune
13-07-2025
- Business
- Express Tribune
PM says govt committed to economic prosperity
Listen to article Prime Minister Shehbaz Sharif on Saturday said the government was committed to completing a full economic turnaround through long-overdue reforms, structural changes and by prioritising meritocracy. Addressing a group of Pakistani students enrolled in leading global institutes and selected for the government's Uraan Pakistan Summer Scholars Internship Programme, the prime minister recalled that when his government took charge in 2023, Pakistan was on the brink of default and its fate was hanging in the balance. "The majority viewed that Pakistan would go into default while the minority thought that we will escape this disaster," he said, adding that he held marathon discussions with the IMF managing director and assured that Pakistan would not run into default and achieve the IMF programme. The prime minister said that at that period, the economy was in bad shape, with galloping inflation touching 38 percent while policy rate was hovering at 22.5 percent. The business atmosphere in the country was very skeptical. The prime minister, in his remarks, telecast on national TV channels, further said that they had the huge burden and onus to march in unison and work with sincerity of purpose to change the situation. The joint work paid dividends as now the policy rate was capped under 11 percent. The Uraan Pakistan programme had taken off, he added. "The road is very challenging as there were long overdue reforms, and the structural changes had not taken place in the last many decades," he observed, and stressed that Pakistan had to undertake these overdue long structural changes, through untiring and long efforts. He also referred to reforms and digitization of Federal Board of Revenue (FBR) and said that they had shown doors to the corrupt people without being influenced. To weed out corruption in FBR, he was very clear in his mind and took decisions which had never taken without heeding to a culture of any 'Sifarish', he added. The prime minister said that previously, digitization process in FBR was only confined to papers as no practical step was taken and blamed the corrupt and shrewd elements for hoodwinking the system. He said that it did not mean that there was dearth of hardworking and honest bureaucrats who were not given the chance, adding that they had brought forth the best people in FBR, including its chairman, and hired expert consultants. Now, he said digitization was the hallmark of FBR, where working had been converted from papers to multiple initiatives, including AI, and faceless interaction. Through enforcement of these measures, the revenue collection had risen from Rs12 billion to more than 50 billion rupees in one year, showing massive tax evasion in one sector alone, he maintained. The prime minister further emphasized "We have a long and thorny journey and facing mountain like impediments, but I assure that we will not shy away from discharging our duties in the service of the nation." He said that he believed in teamwork and never took credit for any achievement, adding that he saluted those who performed and sent those home who did not show well as "delivery is the name of the game; performance is the name of the game." Terming the economic challenges as difficult, he resolved that they would have to achieve the targets and if they did not, they would have to face the music. Underscoring the significance of country's youth, he said key of success of this country was in their hands and any expenditure on youth was akin to a future investment on the country. Later, responding to students' queries, he recollected that during his tenure as chief minister Punjab, his government had initiated scholarship programmes on merit to facilitate the deprived and poor students in the backward areas of the province. To another question, the prime minister said that due to climate change, Pakistan suffered a lot during 2022 floods, with economy faced $30 billion dollars losses, despite the fact that the country did not contribute a friction of percent in the global greenhouse effects. The prime minister, responding to a question, said that during the month of May, Pakistan faced India's uncalled aggression in the backdrop of Pahalgam incident. He said that he had offered a straight proposal to India to let this matter be investigated by the international bodies, but India never commented on this proposal. As result of Indian aggression, 55 Pakistanis were martyred and they responded in self defence by downing six Indian planes, he said, adding while on May 9 and 10, after India's attack, Pakistan responded with full might and taught the enemy a lesson. The prime minister praised the armed forces for showing their professional capabilities and courage, saying Pakistan won the conventional war. He maintained that Pakistan's nuclear programme was only meant for the peaceful purposes and for the self-defense. The prime minister expressed the hope that students would benefit from the Uraan Pakistan initiative and extended his best wishes for their future.
Express Tribune
12-07-2025
- Business
- Express Tribune
PM Shehbaz pledges economic turnaround through structural reforms
Prime Minister Shehbaz Sharif addresses a delegation of students selected for the government's internship programme, Uraan Pakistan, Summer Scholars, in Islamabad on July 12, 2025. Photo: APP Listen to article Prime Minister Shehbaz Sharif said the government was committed to steering the country towards an economic turnaround through structural reforms, institutional changes, and a renewed focus on meritocracy, Associated Press of Pakistan (APP) reported on Saturday. Addressing a group of Pakistani students enrolled in leading international universities under the government's Uraan Pakistan Summer Scholars Programme, the prime minister said the coalition government had assumed office in 2023 at a time when the country was on the brink of default. 'The majority believed Pakistan would default, while a small minority held hope that we might avoid it,' he said, recalling his meetings with the IMF managing director where he assured Pakistan's commitment to stabilising the economy and completing the programme. Read More: Punjab speaker forms committee to address suspended PTI members' references The premier said inflation had surged to 38 per cent and the policy rate stood at 22.5pc at that time, while business sentiment had plummeted. 'The burden was immense, but we moved forward with sincerity and unity. Today, the policy rate has been brought down to below 11pc, and initiatives like Uraan Pakistan have taken off.' He described the path ahead as 'challenging', noting that successive governments had avoided undertaking structural reforms. 'We must now commit to these long-overdue changes through sustained effort,' he stressed. براہِ راست: وزیراعظم کی انٹرن شپ پروگرام اڑان پاکستان-سمر اسکالرز کے طلباء سے گفتگو — Government of Pakistan (@GovtofPakistan) July 12, 2025 Highlighting reforms within the Federal Board of Revenue (FBR), he claimed that the government had acted decisively to remove corrupt officials without yielding to political pressure or the culture of sifarish. 'Previously, digitisation efforts were confined to paperwork, manipulated by vested interests,' he said, adding that his government had appointed competent individuals, including a new FBR chairman and expert consultants. 'Today, FBR's operations are increasingly digital, with AI-based tools and faceless interaction becoming the norm.' Also Read: Fazl urges political change in K-P, calls for shift from within PTI ranks As a result of enforcement efforts, he said, revenue collection in one sector alone had increased from Rs12 billion to over Rs50bn in a year, revealing the extent of past tax evasion. 'We face a long and thorny journey, with mountain-like challenges,' the prime minister remarked. 'But we will not shy away from our responsibilities. I believe in teamwork and accountability—those who perform are recognised, and those who don't are shown the door.' He said failure to meet economic goals was not an option. 'Delivery is the name of the game; performance is the name of the game.' Emphasising the importance of youth development, he said investment in young people was an investment in Pakistan's future. Responding to questions from students, the premier recalled launching merit-based scholarships in Punjab for underprivileged students during his tenure as chief minister. On climate change, the prime minister noted that Pakistan had suffered massive economic losses during the 2022 floods—estimated at $30bn—despite contributing only a negligible share to global emissions. Responding to another question, PM Shehbaz addressed recent tensions with India, stating that during May this year, Pakistan responded to 'uncalled aggression' in the aftermath of the Pahalgam incident. Read More: SJC reviews 24 judicial complaints, dismisses 19 He said Pakistan had proposed an international investigation into the matter, but India did not respond. 'As a result of Indian aggression, 55 Pakistanis were martyred. We responded in self-defence by downing six Indian aircraft,' he claimed, adding that on May 9 and 10, Pakistan had retaliated with full force. He lauded the armed forces for their professionalism and reiterated that Pakistan's nuclear programme was solely for peaceful purposes and national defence. The prime minister expressed confidence in the students selected under the Uraan Pakistan programme and extended best wishes for their academic and professional journeys.
Arab News
12-07-2025
- Business
- Arab News
Pakistan PM defends tough structural reforms, says country can't afford ‘business as usual'
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday strongly defended his government's structural reform agenda, particularly in tax administration, saying that difficult and often unpopular decisions were necessary to rebuild national institutions, as the country could no longer afford 'business as usual.' Speaking at an orientation session for participants of the Uraan Pakistan youth program, Sharif recalled the fragile economic conditions he inherited after assuming power following last year's general elections. He noted that Pakistan had narrowly avoided a sovereign default in mid-2023, when inflation surged to nearly 38 percent, before securing a critical bailout package from the International Monetary Fund (IMF). The prime minister said his administration took on the 'onerous task' of stabilizing the economy under immense pressure, choosing to pursue long-delayed reforms rather than temporary fixes. 'Pakistan had to undertake these long-overdue, deep structural changes if we had to find our lost place in the comity of nations through hard and untiring efforts,' he said. Sharif pointed to a set of key reforms aligned with IMF recommendations, including the digitization of the Federal Board of Revenue (FBR). He noted the transition from paper-based tax systems to digital and AI-led processes was already bearing fruit. 'Faceless interactions — these terminologies were unknown in FBR,' he said, adding that one previously underperforming sector saw its tax contribution rise from Rs12 billion to over Rs50 billion within a year due to improved enforcement. The prime minister said his administration had prioritized accountability, removing senior FBR officials accused of corruption and resisting political pressure in doing so. 'It's a long and thorny journey,' he continued. 'We are facing bumps on the way and mountain-like impediments. But I can assure you, we will not shy away from discharging our responsibility.' Sharif maintained that merit would remain the cornerstone of his governance model. 'Delivery is the name of the game,' he said. 'Performance is the name of the game.'
Business Recorder
10-07-2025
- Business
- Business Recorder
FY2024-25: Historic milestone achieved in PSDP spending: minister
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that despite tight fiscal constraints, Pakistan had achieved a historic milestone in development spending by crossing Rs 1 trillion for financial year 2024-25. 'First time ever Rs 1.46 trillion (96 percent) of the PSDP for FY2024–25 had been utilised, reflecting strong implementation. This utilisation is driving inclusive growth through targeted investments in exports, innovation, and human development. The PSDP, which was limited to Rs 754 billion last year, is now back on the path of growth. The PSDP, initially set at Rs 1.4 trillion, was reduced to Rs 1.1 trillion due to macroeconomic constraints,' the minister expressed these views while speaking at the launch of the 'Monthly Development Report' on Thursday. He said that for the first time ever, Pakistan has closed its development budget with such high utilisation, reflecting our unwavering commitment to development as a national priority. Govt spends record Rs1.046tr under PSDP in FY25: Ahsan Iqbal The minister said that any underutilisation this year would have shifted financial burdens to the next fiscal year, where the PSDP has already been further reduced to Rs 1 trillion. 'We had no fiscal space to leave Rs 200-300 billion unutilised that would have created a backlog and severely impacted our development portfolio. Thankfully, we avoided that scenario through discipline and coordination,' he said. He said that in the current fiscal year, Balochistan projects have been given top priority and Rs 210 billion has been allocated for 147 projects. He said that the launch of infrastructure projects in Balochistan would help stimulate the economy of Balochistan and creating development and employment opportunities. He said, 'Under Uraan Pakistan, we are witnessing a positive turnaround in economy. One of the biggest indicators is inflation, which dropped to 4.5 percent, the lowest in nine years. That's a 23.4 percent decrease from last year — a rare feat globally.' The minister said that Pakistan's macroeconomic performance in financial year 2025 demonstrated resilience despite global headwinds, with GDP growth rising to 2.7 percent and the inflation dropping sharply to an average of 4.5 percent, the lowest since financial year 2016. He said that the inflation rate in the previous year was 23.4 percent. He said that remittances exceed $38 billion, a 27 percent increase in one year. He said that Pakistan Stock Exchange recorded 65 percent growth in fiscal year 2024-2025. He said that strong fiscal consolidation reduced the deficit to 3.7 percent of GDP, supported by record tax revenues of Rs 11.740 trillion, while the external sector posted a $1.8 billion current account surplus, driven by higher exports and record remittances. On the development front, the minister said that 33 projects at cost of Rs 90.4 billion were approved by the Central Development Working Party (CDWP) in June 2025, while 19 major projects at cost of Rs 1.423 trillion were recommended to the Executive Committee of the National Economic Council (ECNEC). He said that the remaining seven projects were deferred for further review. These initiatives are expected to create approximately 9,968 direct and 47,174 indirect jobs in the coming months, he said. He said that major investments targeted energy (over Rs500 billion), transport (Hyderabad–Sukkur Motorway at Rs 395 billion, Eastbay Expressway at Rs 301 billion), education (Rs 43 billion for 17 projects), health (Rs 25.5 billion), and water (Ghand Dam at Rs 6.4 billion). Iqbal said, 'Due to improved scrutiny and evaluation of projects, Rs 1 billion in savings was achieved during June.' He said that the global ranking of Pakistani passports has improved, with the Pakistani passport moving up from 113 to 100. He said that Pakistan demonstrated its defensive superiority in the region through 'Operation Bunyan um Marsoos.' He said that Pakistan's stance on the Pahalgam attack and Iran-Israel tensions was recognised globally. He said that the world rejected India's narrative and accepted Pakistan's stance, adding Pakistan achieved a major success on the diplomatic front. He said that our goal is to achieve one trillion-dollar economy by 2035. A major digital connectivity project worth Rs 2,150 million is underway in 30 cities of AJK and GB. The initiative is transforming lives by expanding access to education, healthcare, tourism, and business opportunities in these remote areas. Copyright Business Recorder, 2025
