SUMMARY of the Article “Economic Plan,” Dawn, January 2nd, 2025
The editorial delves into the five-year economic plan “Uraan Pakistan,” unveiled by Prime Minister Shehbaz Sharif, aimed at transforming Pakistan into a trillion-dollar economy by 2035. The initiative is rooted in the PML-N’s ‘5Es Plan,’ emphasizing exports, information technology, environment and climate, energy and infrastructure, and justice for all. It proposes a “National Economic Transformation Plan” to address pressing economic challenges through stabilisation and growth. The plan aspires to achieve a 6% growth rate by 2028, attract $10 billion in annual private investment, and double exports to $60 billion in five years. Despite its ambitious vision, the editorial critiques the absence of concrete policy reforms and implementation strategies. A delivery unit has been set up in the Prime Minister’s Office to ensure transparency and accountability, but the government’s nine-month track record on structural reforms raises skepticism. Moreover, contradictions in policy, such as slowing internet speeds while aiming to boost IT exports, undermine the plan’s objectives. Political instability, policy inconsistency, and lack of reformative measures further exacerbate economic challenges. The article emphasizes that monitoring and evaluation cannot replace genuine policy changes required for sustainable growth.
Easy/Short SUMMARY:
The article discusses Pakistan’s new five-year economic plan, “Uraan Pakistan,” which aims to triple the economy’s size by 2035. It focuses on exports, IT, environment, energy, and justice. The plan sets ambitious goals like 6% growth by 2028 and doubling exports, but lacks clear strategies or policy reforms to achieve them. While a delivery unit has been formed for accountability, past failures and contradictory policies, like slowing internet speeds while promoting IT exports, raise doubts about its success. Political instability and inconsistency further hinder progress.
SOLUTIONS of The Problem:
Introduce Comprehensive Policy Reforms
Implement clear and actionable policies in areas like taxation, trade, IT, and energy to support the ambitious targets of Uraan Pakistan.
Boost IT Sector
Increase internet speeds, offer tax breaks to IT companies, and provide incentives to start-ups to enhance IT exports and innovation.
Attract Foreign Direct Investment (FDI)
Create a stable and business-friendly environment to attract the $10 billion private investment required annually.
Promote Export Diversification
Expand export markets and diversify products to reduce reliance on limited industries and boost earnings.
Address Political Instability
Ensure a stable political environment and consistent policies to avoid disruptions in the economic roadmap.
Enhance Public-Private Partnerships
Collaborate with private stakeholders to improve infrastructure, energy, and export capacities.
Increase Transparency and Accountability
Strengthen the delivery unit to effectively monitor progress and hold policymakers accountable for results.
Invest in Human Capital
Focus on education and skill development to create a workforce capable of meeting the demands of a growing economy.
Encourage Renewable Energy
Prioritize renewable energy projects to reduce energy costs and dependency on fossil fuels, aligning with the climate goals of the plan.
Strengthen Institutions
Reform institutions to improve efficiency, reduce bureaucratic delays, and ensure smooth execution of economic initiatives.
IMPORTANT Facts and Figures Given in the article:
- The plan aims to transform Pakistan into a trillion-dollar economy by 2035.
- The 5Es Plan focuses on exports, IT, environment and climate, energy and infrastructure, and justice.
- Targets include a 6% growth rate by 2028, $10 billion annual private investment, and doubling exports to $60 billion in five years.
- The government’s track record on structural reforms has been criticized.
- Contradictions in policies, like reduced internet speeds, hinder progress.
MCQs from the Article:
1. What is the economic plan introduced by the government called?
A. Vision 2028
B. Economic Recovery Plan
C. Uraan Pakistan
D. Trillion-Dollar Economy Plan
2. What does the 5Es Plan focus on?
A. Education, Economy, Energy, Exports, and Environment
B. Exports, IT, Environment, Energy, and Justice
C. Exports, Infrastructure, Education, Economy, and Justice
D. Environment, Education, Justice, Energy, and IT
3. What growth rate does the plan aim to achieve by 2028?
A. 5%
B. 7%
C. 6%
D. 10%
4. What is the annual target for private investment according to the plan?
A. $10 billion
B. $5 billion
C. $15 billion
D. $20 billion
5. What major contradiction is highlighted in the article regarding the IT sector?
A. Increased taxes on IT exports
B. Reduction in IT workforce
C. Slowed internet speeds
D. Ban on IT start-ups
VOCABULARY:
- Nascent (adjective) (نوخیز): Beginning to exist or develop.
- Trillion (noun) (کھرب): A number equivalent to 1,000 billion.
- Elaborate (adjective) (تفصیلی): Involving many details or careful planning.
- Capitulating (verb) (ہتھیار ڈالنا): Surrendering or giving up under agreed conditions.
- Wriggle (verb) (بل کھانا): To move or escape from something with difficulty.
- Ambitious (adjective) (حوصلہ مند): Having a desire for success or achievement.
- Inconsistency (noun) (غیر مطابقت): Lack of agreement or regularity.
- Accountability (noun) (جوابدہی): Responsibility for actions or decisions.
- Envisages (verb) (تصور کرنا): Imagines or predicts as a possibility.
- Bureaucracy (noun) (افسر شاہی): A system of government or management involving numerous officials and procedures.
- Transparency (noun) (شفافیت): Openness and clarity in processes or actions.
- Reforms (noun) (اصلاحات): Changes made to improve a system.
- Stabilisation (noun) (استحکام): The process of making something steady or secure.
- Disruptions (noun) (رکاوٹیں): Interruptions or disturbances.
- Sectoral (adjective) (شعبہ جات): Relating to specific sectors or parts.
- Skepticism (noun) (شکوک): Doubt as to the truth of something.
- Objectives (noun) (مقاصد): Goals or aims.
- Execution (noun) (عملدرآمد): The carrying out of a plan or order.
- Substitute (noun) (متبادل): Something used in place of another.
- Sustainable (adjective) (پائیدار): Capable of being maintained over the long term.
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dawn.com
Economic plan
Editorial
THE ‘home-grown’, five-year economic plan Uraan Pakistan, which was unveiled by Prime Minister Shehbaz Sharif this week, hopes to build on the country’s nascent economic recovery to boost growth. The initiative is based on the ruling PML-N’s five-point development agenda referred to as the ‘5Es Plan’. It focuses on exports, information technology, environment and climate, energy and infrastructure, and justice for all as a “unified roadmap” to make Pakistan a trillion-dollar economy — roughly triple its present size — by 2035. The roadmap aims to address key economic challenges through a ‘National Economic Transformation Plan’, providing short- to medium-term solutions for stabilisation and growth.
However, the targets are ambitious, if not unrealistic, as they seek to achieve a sustainable growth rate of 6pc by 2028 and attract $10bn in private investment each year to double exports to $60bn over the next five years. But then, the state minister for finance has downplayed the focus on the plan’s targets. According to him, the plan was an effort to give the economy direction so that it does not heat up when the growth accelerator is pressed.
The plan is elaborate regarding what the government desires to achieve over the five-year period but it does not offer any glimpse into the policy reforms or solutions it intends to implement to fix the problems ailing the economy. At best, it has set up a delivery unit at the Prime Minister’s Office to coordinate the implementation of sectoral plans and roadmaps with a view to executing the initiative and ensuring transparency and accountability. The nine-month track record of this government on promised structural reforms also does not inspire much confidence in its ability to follow through on its pledges. For example, we have seen the government capitulating on retail tax and SOE reforms.
That is not all. Many of its policies run counter to Uraan Pakistan’s objectives. On the one hand, it envisages encouraging IT exports and supporting start-ups; and on the other, it has slowed down internet speeds, despite warnings of IT export losses.
Furthermore, the programme points at decades of political instability, policy inconsistency, and repeated military-led disruptions in the political process as reasons for the current state of the economy. Yet, there has been little inclination to address these challenges. The absence of clear mentions of policy reforms backed by a solid strategy to execute the targets allows the bureaucracy a lot of space to wriggle out of responsibility. While monitoring and evaluation of progress on the initiative is important, they cannot be a substitute for real reforms and policy changes when it comes to fixing the economy to put it on the road to sustainable growth.
Published in Dawn, January 2nd, 2025
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