Focusing on 14 special sectors of the economy, Federal Minister for Finance and Revenue Shaukat Tarin said the government has planned out a roadmap to ensure planned, inclusive, and sustainable economic growth in the country.
Shaukat Tarin participated in the press conference with a panel of 8 cabinet colleagues and private sector members of the Economic Advisory Council (EAC) on August 27.
Addressing the event, Tarin said the press conference was aimed at laying out plans for accelerating growth rates from 3% to 6% in the next three years.
Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, @shaukat_tarin presided over a press conference regarding formation of short, medium and long term plans across different sectors of the economy, under umbrella of the Economic Advisory Council (EAC) @PTVNewsOfficial pic.twitter.com/DCJAlDANSI
— Ministry of Finance (@FinMinistryPak) August 27, 2021
During the tenure, the inflationary expectations will be subdued, employment opportunities will be generated, and poverty will be reduced by strengthening the social safety net.
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The minister said it was after 1972 that such a strategy is being presented by the government with the consultation of stakeholders.
Moreover, the objective of the board is to increase tax to GDP ratio by 1.5% to 2% annually and plans to increase export to $30 billion by FY 2023-24 and keeping up the momentum in foreign remittances.
The key sectors that are to be focused on through the platform of the EAC are agriculture, including small farms, micro-enterprises, small and medium enterprises, construction, tourism, and information technology.
The plan for resolving the circular debt includes reducing the cost of electricity generation by flattening the capacity payment curve through restructuring power producers.
At the same time, steps will be taken to boost demand for grid electricity by incentivizing captive-to-grid shift and integration of NTDC-KE networks.
Moreover, cross-subsidies will be replaced with direct subsidies, lowering tariffs for high consumption categories, targeting price deregulation, and improving governance through engagement with the private sector.
Tarin also listed that special technology zones, IT parks, and incubation and entrepreneurship centers will be utilized that complement CPEC investments.
Shaukat said Pakistan’s ongoing program with the International Monetary Fund (IMF) will continue as per plan.
Concluding the conference, the finance minister assured that the strategies wouldn’t be devised only but their implementation will be ensured too.