Islamabad (Web Desk): Prime Minister Shehbaz Sharif underscored the need for export-led growth to achieve economic development of Pakistan.
Addressing a meeting of the federal cabinet in Islamabad on Wednesday, he expressed the optimism anticipating that the government would meet its economic goals within the next six months, thanks to the tireless efforts of the economic team.
The premier noted that remittances had set a record of $15 billion in the first five months of the current fiscal year, and he hoped this figure would rise to $35 billion by the end of the fiscal year.
Despite the challenges posed by opposition efforts to undermine the government, the prime minister affirmed that macroeconomic stability had been maintained.
He wished the cabinet a prosperous New Year, expressing the hope that 2025 would bring positive developments to overcome the economic, political, and law and order issues that plagued 2024.
The premier took a moment to highlight the launch of the ambitious "Uraan Pakistan" five-year plan, which he believes could mark a significant turning point for the nation's future, provided the government remains committed to its objectives.
He expressed gratitude for the contributions of key cabinet members, including Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, and other officials.
PM Shehbaz also stressed that with economic stability achieved, Pakistan was entering a phase of growth, and for continued development, the focus must be on export-led growth.
He emphasized that there was no other viable option but to prioritize this strategy.
PM Shehbaz also praised the work of Deputy PM Ishaq Dar, the Governor of the State Bank (SBP), finance minister, and the Chairman of the Federal Board of Revenue (FBR) for their success in collecting an extra Rs72 billion through the Advance-to-Tax Ratio (ADR), which helped nearly meet the government’s December 2024 tax revenue target.
He also acknowledged the success of the digitization project funded by the Bill Gates Foundation, which allocated $6 million to fully digitize the FBR.
The project had already delivered early results, reducing the time required for container inspections by 39% and providing a significant 89% relief to businesses.
Meanwhile, the prime minister noted that the smuggling of sugar through Afghanistan had been completely eradicated, a positive sign for the country’s economy, and credited Minister for Industries Rana Tanvir Hussain, various institutions, and the army chief for their role in this achievement.
Reflecting on the first nine months of the government’s tenure, PM Shehbaz expressed the confidence that no major scandals had emerged, a testament to the government's commitment to ensuring transparency.
Regarding the terrorism issue, he assured that law enforcement agencies were fully dedicated to thwarting the efforts of enemies seeking to destabilize the country.
