The journey of economic recovery

April 19, 2022 was the most challenging day of my life when I took over as the Minister of Planning, Development and Special Affairs. I faced numerous hurdles regarding the most difficult task of reviving the national economy destroyed by the previous PTI government.
My first step after assuming office was a meeting with officials of the Ministry of Planning, who briefed me about the latest situation in the Public Sector Development Programmed (PSDP) and CPEC. I was deeply disappointed to learn that no funds were allocated for development for the last quarter of 2021-2022. Surprisingly, for the first time in the history of the country, such a It so happened that funds were not kept for the last quarter of the year during the PTI regime. With a determination and under the guidance of Prime Minister Shahbaz Sharif, I took swift steps to correct the deteriorating economic scenario. With the rapid increase in population, inflation and current account deficit, Pakistan’s GDP declined from $356 billion in 2018 to $346 billion in FY21. It was increased from Rs500 billion to Rs1,150 billion for 2023-2024, which helped overcome economic difficulties and ensure transparency through the PSDP portal and enabled digital access to 1.1 trillion of PSDP data.
In tackling these challenges, we embarked on a difficult journey to revive the economy. The Turnaround Conference held on June 28, 2022, proved to be important in that it featured Pakistan’s brightest minds with seven important themes: They came together to find solutions to central issues related to human and social capital development, stable and inclusive growth, institutional reforms, energy, food security, private sector development, transition to national competitiveness and modernization of infrastructure, and regional connectivity.
In light of the opinions that emerged at the conference, we took bold steps while initiating the process of economic recovery and joined constructive negotiations with the IMF.
Another challenge emerged on August 12, 2022, when the devastating floods of 2022 affected 33 million people across the country. As chairman of the Flood Relief Committee, I devised a comprehensive strategy. Despite an already ailing economy, we assessed post-disaster needs (PDNA) and the Resilience Relief, Welfare and Reconstruction (4RF) frame. Developed work As a result, $10 billion in donations were pledged by international donors at an international conference on Climate Resistant Pakistan held in Geneva on January 9.
In November 2022, the Young Development Fellows (YDF) programmed, which was stopped by the PTI government, was relaunched during my tenure.40 YDF joined the ministry’s one-year fellowship to improve its awareness of government policy issues.
Taking forward the journey of sustainability, the focus was on the country’s young population, which constitutes 65% of the country’s population. On October 21, 2022, the Prime Minister’s Youth Development Initiatives were founded, which include programs such as Empowered Youth Internship Program, Prime Minister’s Laptop Scheme, Scholarship, Scholarship, Internship for Young Engineers, Talent Scholarship, Grant of Complexes, and Development Leadership Award.
Realizing the importance of higher education, the Ministry of Planning made a historic increase in the budget of HEC from Rs 45 billion to Rs 70 billion. The move was further strengthened with the establishment of three Centers for Excellence: The National Centre for Manufacturing (NCM), National Centre for Quantum Computing (NCQC) and National Centre for Nanoscience and Nanotechnology (NCNN). gone.
On November 12, 2022, a fundamental step worth Rs. 40 billion was taken keeping in view the 20 backward districts. For the first time, the federal government took any steps for the betterment of the poor districts to eliminate the economic disparity. At the same time, the Ministry of Planning reconstituted the Advisory Committee to improve policy making and its implementation.
The establishment of the 5Z Framework was our most significant achievement to change Pakistan’s destiny, prioritizing exports, energy, environment, e-Pakistan and equity and empowerment. This framework will be the foundation for transforming Pakistan into a $1 trillion economy by 2035.
Gwadar was a major focus of attention during our tenure. We restored the city’s potential potential by completing major CPEC projects. Strengthening china’s ongoing assistance, the second phase of CPEC was inaugurated at the 11th and 12th Joint Cooperation Committee (JCC) meetings.
We launched the Pakistan Innovation Fund to enhance entrepreneurship through grants. With an emphasis on inclusive growth, numerous initiatives ranging from education to nutrition were taken.
In short, the Pakistan Governance Forum 2023 has pointed to the interplay of economic stability, continuity in policy and political balance. An excellent governance system based on sustainability, transparency, speed and accountability paved the way for a bright future. The bold joint efforts made by leaders like Mian Nawaz Sharif and Shahbaz Sharif are milestones in Pakistan’s journey towards prosperity and inclusion.
(Former Minister for Planning, Development and Special Affairs)