Ayesha Saba

Pakistan's efforts to achieve sustainable economic growth and development have reached a significant milestone through the 5Es framework, which will pave the way for transformational change, addressing key challenges and seizing opportunities for the nation's benefit. Syed Zafar Ali Shah, Secretary of Planning Commission, made the remarks while talking to WealthPK.The 5Es include exports, E-Pakistan, environment & climate change, energy & infrastructure, and equity & empowerment.

“There is considerable macroeconomic fragility in Pakistan, which can significantly hamper the country's ability to sustain growth and enhance equity. Increasing exports is the core objective of this framework. The only way to deal with issues related to the balance of payment is to increase exports. However, the biggest challenge is how to increase exports from $32 billion to $100 billion,” he said. “It is necessary to industrialize and make business easier in order to achieve growth. Pakistan has the potential to achieve this goal, but for this, it needs to find competitive markets,” said Zafar.

“The current government is addressing the issues and making concrete efforts to break free from the shackles of a fragile economy,” he said. Talking to WealthPK, Prof Dr. Fakhr-ul-Islam, Director of Pakistan Study Centre, University of Peshawar, and Director of Research and Academic Outreach, Institute of Policy Studies, Islamabad, said, “Over the past three to four decades, Pakistan's economy has gone through a boom-and-bust cycle. Unfortunately, despite several efforts, Pakistan has not gained momentum.”

“The coalition government faces mountainous issues like spiralling inflation, massive devaluation of rupee against major world currencies, increasing fuel prices and drying up of foreign currency reserves. Extensive research is needed to explore how the development of a knowledge-based economy is going to affect Pakistan’s trade balance, job structure, lifestyles, emerging businesses, and especially new competitive advantage in the global business,” he said.

“In order to achieve sustainable development, policy persuasion and collective action are essential. As of today, there is no formal framework for development in Pakistan where development partners, government organizations, and other stakeholders can interact frequently, share information, float innovative development ideas, and learn best practices so that they can contribute to the development process more productively. Given the current situation, this framework is an excellent initiative if properly implemented,” said Dr Fakhar.

Speaking to WealthPK, eminent energy expert Syed Akhtar Ali said efficient use of energy resources was hampered by several barriers, including policy constraints, and a lack of awareness and information about the energy-efficient practices and technologies. “Our policymakers should work to reduce the rising reliance on imported fuels. There is a strong need to reduce energy consumption by introducing energy conservation techniques and practices, fully exploiting the considerable hydropower potential of the country, and speeding up the development of proven local coal reserves,” he said.

Credit: Independent News Pakistan-WealthPk