PM says working on five-year plan to resolve Pakistan’s economic woes

Pakistan Prime Minister Shehbaz Sharif (center) interacts with the visiting delegation of Harvard students in Islamabad, Pakistan on August 23, 2024. (PID)

• Pakistan, which has been facing an economic crisis for years, last month reached an agreement with the IMF for a new $7 billion loan
• The South Asian country is making desperate attempts to boost foreign investment and trade after narrowly averting a default last year

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday met a delegation of Harvard students and shared that his government would soon unveil a home-grown economic plan for the next five years to steer the country out of an economic crisis, Sharif’s office said.
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan. The country is making desperate attempts to boost foreign investment and trade after narrowly averting a default last year.
Sharif told the Harvard delegation, which comprised 44 students from nine countries, his government was focused on improving governance through institutional reforms and overcoming financial woes, including internal and external debts, through economic stability in the South Asian country of more than 241 million.
“Work has begun to reduce the size of the government and cut expenses. Work on downsizing and right-sizing of federal ministries and institutions is also going on,” Sharif was quoted as saying by his office. “We are pursuing such policies through which the control of elite on resources is reduced and the welfare of the middle and poor classes can be achieved.”
He said the government was facilitating the business community and working on an export-led growth policy to reduce the trade deficit.
“Pakistan is rich in natural resources. Thar coal [reserves] are a valuable source of energy, which are being utilized to meet Pakistan’s electricity needs,” Sharif said. “A comprehensive plan is being made to develop the industry of precious and rare stones in Pakistan on modern lines.”
He noted the country’s information technology-related exports crossed $3.2 billion due to the government efforts, highlighting that around 200,000 Pakistani students would be trained every year in IT and telecom sectors under Pakistan’s agreement with Chinese company Huawei.
The prime minister said young overseas Pakistanis could play their role in the country’s development through advisory councils functioning in various ministries, according to the statement. The student delegation thanked the prime minister for the interactive session.
The Harvard students earlier met with Pakistan Army Chief General Asim Munir to discuss militancy and Pakistan’s efforts to counter it, according to the Pakistani military’s media wing The discussions revolved around regional peace and stability, with the army chief warning against the “perils of misinformation and fake news” in today’s digital age.