Urran Pakistan is, in essence, an economic roadmap that not only charts the way forward but also provides guidance on various matters, including the ultimate destination. It is encouraging that this plan includes a broad-based commitment like the “Covenant Economy,” which inspires hope for better days for a nation that has endured years of challenges and hardships. In the past, five-year plans also brought good results, but later there were situations in which such programs could not be implemented, while there are countries in the world that have economic, strategic, global and internal strategies for a period of more than a hundred years. The current spirit of government and institutions working together is creating a good and positive impact. May this partnership continue. The newly introduced plan covers a period of five years.
Under the leadership of Prime Minister Shehbaz Sharif, the economic conditions of Pakistan are exceeding the expectations of international organizations today. An economy exposed to risks of default is among the most stable economies now. Inflation is at an 18-month low of 4.1 percent. The inflation rate in December 2023 was at 29.7%. In the first six months of FY25, the economy has gone from stability to strength. In the first five months of FY25, remittances from foreign countries are at an ideal level of $15 billion. Remittances are expected to touch $35 billion by the end of FY25. The Pakistan Stock Exchange is at its most positive level in 22 years, the best performance in the entire world. The Pakistan Stock Exchange is the second-best performing stock exchange in the world and the top performer in Asia. It has witnessed a historic nine percent decline in policy rates, reflecting efforts to improve the investment climate. The policy rate has been reduced from 22 percent to 13 percent.
In the first half of the current financial year, exports increased by 10.52%, while imports rose by 6.11%. Notably, exports recorded a 0.67% annual increase in December 2024. Overall, in the first six months of this financial year, imports showed a consistent growth of 6.11%. Under Urran Pakistan, five economic goals have been set in the long term up to the year 2035. For example, a target of six percent increase in the country’s growth rate has been set in the next five years. In the next 10 years (by 2035), the target has been set to take the size of the Gross National Product (GDP) to one trillion dollars. 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 climate change and its effects. The fourth sector to focus on is energy and infrastructure, while the fifth is building an equity-based society.
Under the Urran Pakistan initiative, the first goal is to increase annual exports to $60 billion within the next five years. The plan also aims to raise the GDP growth rate to 6% during the same period. Furthermore, the project sets a target of growing the information technology freelancing industry to $5 billion in five years, supported by the production of 200,000 IT graduates annually. Urran Pakistan also seeks a 50% reduction in greenhouse gas emissions over the next five years. Additional objectives include increasing cultivable land by over 20% and expanding water storage capacity by up to 10 million acre-feet. The share of renewable energy in the energy sector is to be increased to 10%, while the poverty rate is targeted to drop to 13%. Large-scale development projects, implemented through public-private partnerships to encourage public participation, are an integral part of this program.
The “Urran Pakistan Plan” aims to position Pakistan among the leading nations within the next three years. No obstacles should be allowed to hinder economic development. Over the past nine months, the current government has successfully overcome numerous challenges and achieved economic stability. This journey of progress can accelerate further with the support of opposition parties. Collective cooperation is essential for the success of the ongoing initiatives. The situation calls for reconciliation efforts that prioritize the country’s interests. Measures must be taken to alleviate the burden on the middle and lower-income classes and help them navigate economic challenges. For the nation to advance, the elite will need to make meaningful sacrifices.
—The writer is author of several books based in Islamabad.
