Prime Minister Shehbaz Sharif recently introduced Uraan Pakistan, a five-year economic plan designed to build on the country’s ongoing economic recovery and drive growth. The plan, rooted in the PML-N’s five-point development agenda, or the “5Es Plan,” targets key areas such as exports, information technology, environment and climate, energy and infrastructure, and justice for all. The overarching goal is to transform Pakistan into a trillion-dollar economy by 2035, tripling its current size, through the National Economic Transformation Plan, which outlines strategies for short- and medium-term growth and stabilization.
However, the plan’s goals are ambitious and potentially unrealistic, aiming for a 6% growth rate by 2028 and attracting $10 billion in private investment annually, with a goal of doubling exports to $60 billion over the next five years. While the state minister for finance has downplayed these targets, emphasizing the plan’s role in giving the economy direction, there are concerns about its feasibility and implementation.
The plan outlines the government’s aspirations but lacks specific policy reforms or solutions to address Pakistan’s economic issues. To ensure execution, a delivery unit has been established at the Prime Minister’s Office to coordinate and monitor progress. However, the government’s record on structural reforms, such as the retail tax and state-owned enterprise (SOE) reforms, has been disappointing, casting doubt on its ability to fulfill these ambitious plans.
Additionally, some of the government’s policies conflict with the objectives of Uraan Pakistan. For example, while the plan aims to encourage IT exports and support start-ups, the government has slowed down internet speeds, which could negatively impact the IT export sector.
The program also acknowledges the role of political instability, policy inconsistency, and military-led disruptions in the economy’s challenges. However, there has been little effort to address these underlying issues. The lack of clear reforms and strategies for achieving the plan’s targets leaves room for bureaucratic delays, undermining its potential to drive real economic change. While monitoring and evaluation are essential, they cannot replace the need for substantial reforms to ensure sustainable economic growth.
