 "5 things to know about Pakistan PM's 5-year plan to fix faltering economy")
Cash-strapped Pakistan is grappling with a severe economic crisis with billions in debt servicing due and dwindling state funds. Despite fading hopes for a bailout deal with the International Monetary Fund (IMF), new political leadership has decided to work on a comprehensive five-year roadmap for the country’s economic resurgence.
The situation in the country becoming increasingly dire due to a series of factors such as devastating floods, political instability and pandemic-related supply disruptions. These challenges have exacerbated Pakistan’s mounting external debt burden, which is squeezing its already shrinking foreign exchange reserves.
The new political regime is trying to revive the country’s economy through the following measures:
*The newly-elected government under Prime Minister Shehbaz Sharif is devising a comprehensive five-year roadmap to revitalise Pakistan’s economy, with a focus on tackling inflation, poverty and unemployment.
*The strategic blueprint involves setting five-year targets across various sectors including IT, agriculture, industries, energy and reforms in the Federal Board of Revenue (FBR) to stimulate economic growth.
*The newly elected PM emphasised the importance of consultation with stakeholders from different sectors of the economy to ensure effective planning and implementation of projects for economic stability and progress.
*The government plans to prioritise sectors such as agriculture, livestock, information technology, foreign investment, and small and medium enterprises (SMEs) for accelerated progress, with a commitment to reducing wasteful expenditure and increasing tax revenue through digitalization.
Impact Shorts
More Shorts*The Sharif government intends to privatise loss-making government institutions, enhance agricultural productivity through direct subsidies and access to quality seeds and facilitate the transition to green energy sources, demonstrating a multifaceted approach to addressing Pakistan’s economic challenges.