PM Shehbaz vows to transform Pakistan's economic landscape in five years

Business Desk

Prime Minister Shehbaz Sharif (left) chairs a federal cabinet meeting in Islamabad on March 28, 2024. —PMO
Prime Minister Shehbaz Sharif (left) chairs a federal cabinet meeting in Islamabad on March 28, 2024. —PMO
  • Progress of  ministries will be reviewed regularly, PM says.
  • “We have to cut our expenditures," PM tells cabinet members.  
  • He warns of strict action against illegal trade and power theft.

Expressing his firm resolve to transform the country’s economic landscape, Prime Minister Shehbaz Sharif Saturday directed the ministries to devise strategies to achieve targets set in a five-year roadmap.

The prime minister made the remarks while chairing a meeting of the federal cabinet.

“I have shared broad parameters of a five-year plan with all the ministries, specifying their targets,” he said, adding that the progress of the ministries on these targets would also be reviewed regularly.

The premier said: “We have to cut our expenditures and take the country towards self-reliance.”

Expressing his determination to uplift various sectors such as agriculture and Information Technology, the country’s chief executive resolved to take the country on the growth trajectory and create employment opportunities, Radio Pakistan reported.

The PM was confident that the Ministry of Commerce would take the requisite steps to double the country's exports before the expiry of the five-year tenure of the current government.

Speaking on the occasion, the premier warned of strict action against illegal trade, power theft, and other leakages.

He said a programme has been chalked out for the complete digitalisation of the Federal Board of Revenue (FBR), adding that consultants would be hired by next month for this purpose.

Minister for Finance and Revenue Muhammad Aurangzeb has confirmed that the federal government will hold a meeting with the International Monetary Fund (IMF) on April 14 and 15 in Washington for new loan programme.

Addressing journalists during his visit to the Pakistan Stock Exchange (PSX) in Karachi a day earlier, Aurangzeb said features of the new programme will be discussed during the meeting, while detailed talks would be held in Pakistan.

He also reiterated the government's plans to enter a major programme with the global lender; whereas, the microeconomic stability would also continue with the Fund.

PM Shehbaz had on March 21 signalled that the new IMF programme was likely to be continued for three years.

"New tranche of loan is likely to be received from the IMF in a few days, however, we would need another programme," he had said while addressing a session of the Special Investment Facilitation Council's (SIFC) apex committee attended by civil-military leadership.