PM Shehbaz to announce $1 trillion economic plan

Prime Minister Shehbaz Sharif has given the green light to an “Uraan Pakistan National Economic Transformation Plan 2024-2029” which will be officially launched at a special ceremony this Friday.

The plan’s key targets include achieving an annual economic growth rate of 9.8%, increasing literacy rates by 10% to reach 70%, and reducing poverty by 13%. Additionally, it aims to boost exports to $60 billion by 2029 and raise IT exports by $5 billion annually, with the establishment of 100 software technology parks to support the sector.

To address national challenges the plan focuses on reducing subsidies and eliminating circular debt. It also prioritizes environmental sustainability by aiming to cut greenhouse gas emissions by 50%. One of the major infrastructure projects is upgrading the ML-1 railway system with Chinese financial assistance, which will enhance freight transport by 25% and improve passenger train services by 15%.

The plan is structured around the 5Es framework, focusing on exports, energy, infrastructure, and people empowerment. It has been developed through extensive consultations with public and private sector stakeholders, ensuring a broad-based vision for the country’s future.

The Uraan Pakistan plan reflects the government’s strong commitment to transforming Pakistan’s economy by tackling long-standing challenges and steering the country toward sustained growth and development.