Prime Minister Shehbaz Sharif has formed a new seven-member committee under the leadership of Ishaq Dar to formulate an economic strategy that aligns with the PML-N’s manifesto, aiming for a national growth rate of 6%.
The prime minister’s initiative follows the conclusion of Imran Khan’s administration in March 2022, during which the growth rate had already surpassed 6%.
The Prime Minister’s comprehensive five-year economic plan is poised for an imminent announcement. This strategic framework targets pivotal areas such as GDP growth, exports, Federal Board of Revenue (FBR) benchmarks, privatization, and fiscal deficit management. Additional focus areas include achieving a primary balance surplus, enhancing Public Sector Development Programme (PSDP) investments, expanding agricultural and overseas initiatives, implementing energy reforms, reducing expenditures, increasing farmers’ credit facilities, and advancing FBR digitization.
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According to various news sources, the plan targets a consistent GDP growth of 6%, maintaining inflation within the 7% to 8% range. It also aims to reduce the fiscal deficit to 6% of GDP within this fiscal year, further narrowing it to 4.7% in the following year and ultimately reaching 3.6% by the 2026-27 fiscal period, with continued reductions projected through 2028. A notable ambition of the plan is to double exports, surpassing $60 billion over the next five years.
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Inside sources from the Prime Minister’s Office reveal that the government plans to boost exports by $5 to $6 billion annually. In alignment with these goals, the Prime Minister has directed creating a new strategy in partnership with commercial banks to augment farmers’ credit lending. This economic blueprint, spearheaded by Shahbaz Sharif, is set to be officially unveiled soon.
