Shehbaz Sharif Launches “Uraan Pakistan” Economic Reforms Package

Prime Minister Shehbaz Sharif, in a landmark move, has launched an ambitious economic reforms package, titled “Uraan Pakistan,” aimed at propelling Pakistan toward sustainable growth and improving the lives of millions.

Speaking at a high-profile ceremony in Islamabad, the premier exuded optimism about the transformative potential of the initiative, marking it as a pivotal moment in the nation’s economic journey.

“Today is a great day,” PM Shehbaz declared, addressing a gathering of political leaders, federal and provincial officials, and international partners. He commended the meticulous presentations delivered by the finance minister, planning minister, and deputy prime minister, describing their insights as “remarkable and brilliant.”

Acknowledging the formidable challenges Pakistan has faced over the past nine months, the Prime Minister reflected on the concerted efforts of federal and provincial governments alongside international allies. “Through untiring efforts, we have achieved macroeconomic stability, but this is only the beginning,” he remarked. He emphasized that the path to economic growth requires unity, collaboration, and unwavering determination.

PM Shehbaz extended gratitude to key contributors, including Ahsan Iqbal, Muhammad Aurangzeb, members of the federal cabinet, and provincial leaders, for their steadfast commitment to shaping this homegrown five-year national economic plan.

A Vision for Export-Led Growth and Private Sector Leadership

Finance Minister Muhammad Aurangzeb highlighted the cornerstone of the Uraan Pakistan reforms: fostering export-led growth to mitigate economic boom-and-bust cycles. This strategy, he said, places the private sector at the forefront of driving the economy.

Aurangzeb underscored several promising indicators of Pakistan’s burgeoning economic health:

• Karachi Interbank Offered Rate (Kibor): Currently at 12%, promoting favorable conditions for lending to businesses and consumers.
• Foreign Direct Investment (FDI): Flowing into the country at an accelerated pace, bolstered by initiatives from the Special Investment Facilitation Council (SIFC).
• Pakistan Stock Exchange (PSX): Setting new records and now recognized as the second-largest stock market globally.
• Inflation Rates: Reduced dramatically from 38% to just 5%.
• Tax Reforms: Comprehensive reforms in tax policy are underway, separating tax collection and policy-making for enhanced efficiency and curbing revenue leakages.

Aurangzeb projected Gross Domestic Product (GDP) growth to exceed 6% by 2028, with Pakistan achieving an account surplus for the first time in 24 years.

Reforming the Tax System and Promoting Accountability

Tax reforms play a critical role in Uraan Pakistan’s agenda. The finance minister outlined the establishment of a Tax Policy Unit, operated jointly by the government and private sector. The unit aims to enhance transparency, efficiency, and tax revenue collection while preventing revenue leakages.

The government has already begun implementing critical reforms rather than merely planning. The Federal Board of Revenue (FBR) is undergoing a transformation, aimed at stabilizing Pakistan’s export-oriented economy and ensuring robust revenue streams.

PM Shehbaz Sharif emphasized the collective effort required to turn this vision into reality. He called on all Pakistanis to unite and contribute toward achieving the objectives of Uraan Pakistan. “We must stand together as a nation,” he urged, reinforcing the need for a shared commitment to economic progress.

Minister for Information and Broadcasting Attaullah Tarar described Uraan Pakistan as an all-encompassing roadmap for economic development. He emphasized its inclusive approach, prioritizing the well-being of the Pakistani people and steering the nation toward a brighter future.

With Uraan Pakistan, the government aims to not only stabilize but also transform the country’s economic trajectory. The reforms focus on harnessing the power of the private sector, fostering foreign investment, implementing robust tax reforms, and ensuring sustainable growth for years to come.

“Uraan Pakistan” represents a bold and visionary step toward economic revitalization, guided by leadership, resilience, and unity. As the nation embarks on this transformative journey, the commitment of every stakeholder—government, private sector, and citizens—will be crucial to achieving the ambitious goals outlined in this groundbreaking initiative.

This is more than a reform package; it is a blueprint for a thriving Pakistan, rooted in hope, determination, and a shared vision of prosperity. Together, Pakistan will soar