PM Shehbaz Sharif Forms Committee to Steer Pakistan Towards Economic Self-Reliance

Prime Minister Shehbaz Sharif has established a seven-member committee tasked with implementing a comprehensive sustainable development plan. The committee, which will be chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, is expected to play a crucial role in driving the country towards economic self-reliance.

The formation of this committee marks a significant step forward in Pakistan’s economic strategy, focusing on key areas such as fostering economic growth, boosting private investment, and expanding exports. The plan, developed under the guidance of British economist Stephen Durkin, has set ambitious targets, including achieving a 6% annual economic growth rate and raising exports to $60 billion by 2028.

Members of the committee include notable figures such as Planning and Development Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, and the national coordinator of the Special Investment Facilitation Council (SIFC). Additionally, ministers of economic affairs, information, and the state for revenue and energy are also part of this team, ensuring a multi-faceted approach to economic reform.

One of the standout features of the plan is its emphasis on technology transfer from China to Pakistan, which is expected to bolster the country’s export capabilities through joint ventures with Chinese firms. The committee’s efforts will also focus on creating a conducive environment for private sector growth, with reforms targeting job creation, reducing business and energy costs, and improving tax-to-GDP ratios.

While the official announcement of the plan was initially slated for August 14, it has been delayed due to ongoing discussions within the government and concerns regarding adequate public relief measures. Despite these delays, Prime Minister Shehbaz Sharif remains committed to the project’s success, with Stephen Durkin continuing to provide expert input as needed.

The Treasury Division has been designated as the secretariat for the special committee, ensuring that the plan aligns with local development goals and addresses sectoral needs comprehensively. If successfully implemented, the reforms are expected to create one million jobs annually, providing a significant boost to Pakistan’s economic prospects.