March 15, 2024 (MLN): The Planning Ministry has geared up efforts to implement the 5Es framework, a multi-pronged strategy to turnaround Pakistan and put it on a sustained growth trajectory, said a press release issued on Thursday.
On the direction of the Federal Minister for Planning Development & Special Initiatives, Professor Ahsan Iqbal, a one-day consultative workshop will be organized at the ministry within ten days for the speedy implementation of the framework.
The decision was taken on Thursday during a meeting chaired by the minister.
The meeting was attended by the Secretary Planning Ministry and other senior officials of the ministry.
During the meeting, the minister directed the stakeholders to invite the country's top experts from various fields to the workshop so that their input can be taken before the implementation of the framework.
The 5Es framework is centered around five key pillars, which include Exports, E-Pakistan, Environment and climate change, energy and infrastructure, and equity and empowerment.
The framework marks a significant milestone in Pakistan’s journey towards sustainable economic growth and development as it has set the stage for transformative change, addressing key challenges and capitalizing on opportunities for the betterment of the nation and its citizens.
In June last year, the National Economic Council (NEC) had approved the framework.
The first E, aimed at increasing exports, is crucial as the country’s future heavily depends on how fast it becomes an export-led economy.
This E, in particular, focuses on initiatives that will tackle the chronic boom-and-bust cycles and stabilize the economy.
E-Pakistan, which would ultimately help in "Building a Knowledge Economy," has a mission to harness the immense potential of IT and Telecom exports.
“The fifth E related to Equity and Empowerment recommends a strategic blend of universal policies, affirmative action, and targeted interventions to ensure accessible and high-quality health, education, and social protection services for all citizens.” Commenting on the country's current challenge of inherited debt, Minister Ahsan Iqbal lamented the burden placed on Pakistan by the previous governments.
Despite this challenge, he expressed confidence in the government's ability to overcome obstacles and lead the nation towards economic stability.
During the meeting, the Planning Minister underlined the need to adopt innovative financing mechanisms, especially considering the limited space in Pakistan’s economic condition to ensure a strong infrastructure.
Ahsan Iqbal emphasized that the future of Pakistan hinged on the growth of key sectors such as agriculture, industry, and services, and the adoption of technological advancements.
The ambitious goal is to transform Pakistan into a $100 billion export-oriented economy within the next 7 to 8 years, making it a pivotal moment in the nation’s history.
He highlighted that the success of Pakistan depended on increasing foreign exchange reserves.
Furthermore, he said, "planning should be made keeping in view the modern infrastructure as digital technology was having a great influence on different sectors in the era we were living in."
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Posted on: 2024-03-15T09:39:10+05:00
