Prime Minister Shehbaz Sharif has taken a significant step towards economic self-reliance by forming a seven-member committee tasked with reviewing and implementing a sustainable development plan for Pakistan’s economy.
The committee will be chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, according to a notification issued on Wednesday.
The economic development project is based on recommendations proposed by British economist Stephen Durkin and aims to put Pakistan on the path of self-reliance. The committee includes Planning and Development Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, and the national coordinator of the Special Investment Facilitation Council (SIFC).
Ministers of economic affairs, information, and minister of state for revenue and energy are also part of this team.
The committee will review the draft economic plan proposed by Stephen Durkin, as well as a five-year development roadmap prepared by the Ministry of Planning. The proposed five-year plan for the sustainable development of the Pakistani economy was named the Stephen Durkin Plan under the supervision of the British economist.
The proposed plan focuses on fostering economic growth, boosting private investment, and increasing exports. A target of 6% annual economic growth has been set, with goals to raise exports to $60 billion by 2028. The plan also includes reforms aimed at job creation, reducing business and energy costs, and enhancing tax-to-GDP ratios.
One of the key features of the plan is to promote technology transfer from China to Pakistan and boost exports through joint ventures with Chinese firms. Additionally, the plan highlights the importance of political commitment for its successful execution.
Initially, the plan’s official announcement was scheduled for August 14, but it was delayed due to lack of consensus within government circles and concerns over insufficient relief measures for the public. However, the prime minister remains committed to the project, and British economist Stephen Durkin will continue to provide input to the committee as needed.
The Treasury Division has been appointed as the secretariat for the special committee, ensuring the plan aligns with local development goals.
If implemented successfully, the reforms are expected to create one million jobs annually and substantially improve Pakistan's economic outlook. The committee has been authorized to appoint additional members as necessary to ensure comprehensive sectoral development.
The committee will ensure that the draft plan is comprehensive, coherent and free of contradictions and that the sectoral plan is compatible with the locally developed economic development plan.
