PM Shehbaz launches URAAN Pakistan program for economic revival

In a significant address, Prime Minister (PM) Shehbaz Sharif declared today a historic day with the launch of the URAAN Pakistan Program, which he hailed as a crucial step toward the country’s progress and economic stability, ARY News reported.

URAAN Pakistan is a transformative initiative aimed at highlighting and advancing key projects and reforms outlined in the 5Es National Economic Transformation Plan. This strategy is focused on revitalizing Pakistan’s economy, fostering sustainable development, and driving inclusive growth.

During the address, PM Shehbaz Sharif acknowledged that despite facing unprecedented challenges, the government had successfully achieved economic stability. He emphasised the need for continued unity and solidarity to move Pakistan forward.

PM Shehbaz Sharif noted that in 2023, efforts to secure an IMF program were intense, and Pakistan was on the brink of default. To save the nation, a joint decision was made by the coalition government to put national interest above political concerns. He further added that the government was willing to go to any extent to protect the state and its interests.

Prime Minister Shehbaz Sharif expressed that the IMF deal was not only a blessing but also the result of the public’s prayers and sacrifices. He also emphasised the government’s proactive steps to negotiate with the IMF despite knowing the difficulties that lay ahead.

The Prime Minister pointed out the long-standing issues of corruption and mismanagement that have burdened Pakistan, with trillions lost over the last 77 years. He stressed that these challenges were well-known, and that it was these very reasons that had led Pakistan into debt. He urged the nation to confront past mistakes and focus on progress, as only through collective effort can Pakistan reclaim its rightful place.

In his speech, PM Shehbaz Sharif emphasised that blaming each other or lamenting past mistakes would not lead to any solution. He stated that Pakistan must now focus on moving forward, and that the Pakistani people, despite enduring the toughest inflationary pressures, had shown immense patience and resilience.

The Prime Minister reported that inflation had dropped to below 5 percent (pc), and exports had risen by 11pc over the past five months. Furthermore, remittances had seen an impressive increase of 24pc, and the IT sector’s exports had surged by 34pc.

Prime Minister Shehbaz Sharif also outlined key reforms being undertaken to improve Pakistan’s economy, including efforts to boost exports, decrease energy costs, and enhance the tax base. He also highlighted the government’s ongoing initiatives to encourage solar energy in Balochistan, Punjab, and Sindh.

The Prime Minister further emphasised the importance of privatization to reduce losses in state-owned enterprises and increase foreign investment. He set an ambitious target of $10 billion in foreign investment annually to help boost economic growth.

The Prime Minister stressed that to sustain industrial growth and increase exports, it was crucial to lower electricity prices, as without affordable energy, industries would not be able to progress. He criticized the policies of the past, which had led to significant energy sector losses, and called for comprehensive reforms in the sector.

Highlighting the shift towards solar energy, Prime Minister Shehbaz Sharif noted that the government was focusing on renewable energy sources as the future of Pakistan’s energy needs, emphasizing the importance of solar power while also utilizing hydropower resources.

In conclusion, Prime Minister Shehbaz Sharif reaffirmed his commitment to advancing Pakistan’s development and ensuring the economic stability of the country. He called on the nation to unite and work together for a prosperous future, emphasizing that political stability was closely linked to economic stability.