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THEME 3: REVITALISE ECONOMIC GROWTH
Imran Khan has a vision to irreversibly
transform Pakistan’s economy
.
PTI’seconomic plan is not for one segment of Pakistan’s
society but for all. The currentgovernment has achieved the illusion of growth by fudging
figures, promotingconsumption, and relying on unsustainable levels of debt. However, the
fundamentals of Pakistan’s economy, after five years,
are in bad shape. The tax toGDP ratio continues to be abysmal despite being propped up on an
unfair systemof indirect taxes. Industry is struggling, and exports are at an all-time low.
Foreignreserves are also dangerously low and foreign debt is at an all-time high. Theenergy
sector and other key state-owned institutions such as PIA continue to shout
for reform and investment. Pakistan’s business environment continues to nee
dsignificant reform. Our team has prepared a ten-point economic plan to tacklethese challenges,
that we will start working on immediately.1.
Rapidly create jobs for the youth:
bring energyprices in alignment with regional competitors, clear the backlog ofrefund/rebates,
launch a labour policy to safeguard workers and provideupskilling. Introduce
additional incentives for Pakistan’s
manufacturingindustry in order to compete in international markets, boost exports, andcreate
jobs.3.
Launch policy framework to build 5 million houses:
Launch the Prime
Minister’s
Housing programme, to build 5 million housing units for the middleand lower income segments
in 5 years through the private sector. This willboost industry, create jobs and provide shelter.4.
Boost the tourism industry:
Build framework for private sector investmentto develop new and upgrade existing facilities.
Initiate conversion of allgovernment guest houses into hotels open to the public. Identify 4
newtourism destinations within the first 100 days for development.
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5.
Reform the tax administration:
Appoint a bold, capable and dynamic FBRchairman immediately; launch FBR reform and share
a business friendlyand equitable tax policy within 100 days to revive the economy and
reducedebt dependence.6.
Make Pakistan Business Friendly:
Build the “Council of
Business
Leaders” chaired by the PM to improve “Doing Business” in Pakistan, to
attract investment, encourage participation of overseas Pakistanis and growexports and bring the
country within the top 100 in Doing Business rankingsin 5 years from the current position of 147
th
.7.
Transform key institutions:
Begin turnaround of key State-Owned-Enterprises (SOEs) by creating the Pakistan Wealth Fund
and by takingSOEs out of the purview of line ministries. Start reform of PIA, Railways,Pakistan
Steel Mills, GenCos, DisCos and other enterprises on anemergency basis.8.
Fix Pakistan’s Energy Challenge:
Immediately begin work to shift towardssustainable and affordable energy. Address root causes
of circular debt,initiate regulatory reforms designed to move away from rent seeking modelsand
towards increasing system efficiency and recovery of losses.9.
Ensure CPEC translates into a game changer:
Launch action plan totransform CPEC into a true economic corridor as opposed to
aninfrastructure project. Enable growth in agriculture, industries and servicessector by creating
better two-way linkages with China.10.
Enhance access to finance for citizens and industry:
Ensure NationalFinancial Inclusion Strategy implementation is streamlined and capitalisingon
the digital ecosystem. Develop a plan to increase deposit base of banksto 50% of GDP to
encourage higher savings. Expedite establishment of aninfrastructure lending bank for large
projects.
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