Govt unveils plan to revitalise economy

ISLAMABAD: The federal government on Tuesday unveiled an elaborate Economic Revival Plan in the wake of economic hardships being faced by the country during a high-level meeting attended by the civil and military leadership.

The event, which was the first meeting of the Special Investment Facilitation Council (SIFC), was chaired by Prime Minister Shehbaz Sharif and attended by the Chief of Army Staff General Syed Asim Munir, chief ministers, federal and provincial ministers and senior government officials.

The plan envisages capitalizing Pakistan’s untapped potential in key sectors of defence production, agriculture, livestock, minerals, mining, IT and energy, through indigenous development as well as investments from friendly countries.

To fast-track the development of projects, the establishment of the Special Investment Facilitation Council (SIFC) has been undertaken to act as a Single Window interface for potential investors as well as to adopt a unified approach, a statement issued by the Prime Minister’s media wing said.

The setup would shorten cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with the representation of all stakeholders. It is aimed at creating horizontal-vertical synergy between the Federation and provinces, facilitating timely decision-making, avoiding duplication of effort, and ensuring swift project implementation. The high-ranking participation from federal and provincial governments clearly manifests the national resolve to turn around the economy despite all odds.

General Asim Munir, speaking on the occasion, assured Pakistan Army’s all-out support to complement the government’s efforts for the Economic Revival Plan, considered fundamental to the socio-economic prosperity of Pakistanis and reclaiming Pakistan’s rightful stature among the comity of nations. Addressing the event, Prime Minister Shehbaz Sharif recalled that his government inherited an economy that was on the brink of collapse and through bold and difficult decisions, the country was now being steered towards growth and development.

“There are, however, massive challenges ahead. Export-oriented FDIs hold the key to economic revival and the government has, therefore, decided to adopt a holistic and whole-of-government approach which fosters partnerships within the federal and provincial governments for effective implementation and execution,” the prime minister said.

The investors, he said, would be given primacy and fast-track approvals, through a well-coordinated approach.

The prime minister observed that the expected investments would create jobs and livelihoods for the youth and women and the focus should be on empowering young and females to realise their full potential. “Let us resolve to work together, leave no stone unturned and be single-minded in our focus and direction. We can transform the destiny of Pakistan and its people,” he said.

However, Shehbaz Sharif maintained that it would not happen without hard work and staying on the path of progress and development. He said that Pakistan and Pakistanis deserve nothing less from those who have been bestowed the responsibility to administer the country by Almighty Allah and the people of Pakistan.