ISLAMABAD, Jun 26 (APP): Minister for Planning Development and Special Initiatives, Professor Ahsan Iqbal, said on Wednesday that under the prevailing circumstances, the government has presented a balanced budget aimed at steering the economy towards development and social prosperity.
Addressing the concluding session of the All Pakistan Chambers Presidents Conference, organized by the Islamabad Chamber of Commerce and Industry, the minister emphasized that overcoming the prevailing economic challenges hinges on effective resource mobilization, budget balancing, and reducing non-developmental expenditures.
Ahsan Iqbal noted that Pakistan faces external challenges, highlighting a historical failure to cultivate export-led industries, resulting in increased imports and pressure on foreign exchange reserves over the past 75 years.
The minister underscored the necessity of fostering export-led industrial growth to compress imports and alleviate strain on foreign exchange reserves, thereby fostering sustainable economic growth and equitable development.
He elaborated on the government’s 5Es framework designed to navigate the country out of its current crisis, stressing the imperative of concerted efforts by all stakeholders to implement the framework and propel the economy towards development and prosperity.
Ahsan Iqbal also stressed the importance of ensuring political stability and policy continuity for at least five years to achieve economic growth and progress. He emphasized that political stability and consistent economic policies are prerequisites for sustainable economic growth, development, and for attracting both foreign and local investment.
Reflecting on past challenges, the minister highlighted the steep costs incurred due to political and policy instability over the past 75 years. He urged both the public and private sectors to collaborate in overcoming these challenges and achieving sustained growth and development.
Regarding resource constraints, he indicated that the government would encourage public-private investments in development projects to bridge funding gaps and meet development needs, underscoring the difficulty in earmarking sufficient funds for development alone.
Ahsan Iqbal also said that Pakistan-China Economic Corridors Project entered in second-phase. He said that commencing an upgraded version of CPEC Phase-2 with five corridors focusing on growth, livelihood, information technology, green economy, and regional development. He emphasized the necessity for the private sectors of both countries to collaborate effectively to seize this promising opportunity.