PM Shehbaz Sharif Brings ‘Plan B’ For Economic Revival

Web Desk — Following its unsuccessful talks with IMF, the government of Pakistan has started working on Plan B for the economic revival. The government has unveiled that its ‘Economic Revival Plan’ will focus on “untapped potential in key sectors”. Prime Minister Shehbaz Sharif’s government is doing this at a time when there is record inflation, interest rates, and depleting foreign exchange reserves.

Prime Minister Shehbaz Sharif on Tuesday chaired a high-level meeting which was attended by the Chief of Army Staff, Chief Ministers, Federal, and Provincial Ministers, and high-level government officials.

It was decided in the meeting that a special Investment Facilitation Council (SIFC) will be constituted to act as a single window interface for potential foreign investors.

A declaration issued after the meeting said that the government’s economic revival plan will capitalize on Pakistan’s untapped potential in key sectors of defense production, agriculture, livestock, minerals, mining, IT, and energy through local development and investments from friendly countries. It was pledged that a unified approach will be adopted for this purpose.

According to the declaration, the facilitation council will shorten the complex and lengthy business processes through a cooperative and collaborative whole-of-the-government approach with the representation of all stakeholders.

Addressing the participants, PM Shehbaz Sharif said his government inherited an economy, already on the brink of disaster. The premier reiterated that his government is taking bold and difficult decisions to bring the country back on track for growth and development. He said there were still massive challenges ahead but export-oriented FDI was the key to economic revival.

Shehbaz Sharif said his government has decided to adopt a holistic/ whole-of-government approach that fosters partnerships within the federal and provincial governments for effective implementation and execution of the economic revival plan.

The premier hoped the investment, if comes as expected, would create jobs and livelihoods for the youth and women. The focus should be on empowering the youth to realize their full potential.

Army Chief General Syed Asim Munir, on this occasion, assured the army’s full and unconditional support for the government’s efforts for Economic Revival Plan.

The army chief was confident that the plan was vital to the socio-economic prosperity of Pakistanis and hoped it would reclaim the country’s rightful stature in the world.