Ahsan Iqbal, the minister of planning and development, stated on Tuesday that in order to meet the country’s external financial needs, domestic exports must expand from $30 billion to $100 billion over the next five years.
Importance of reaching $100 billion in exports in 5 years to overcome concerns with external financing Ahsan Iqbal
He claimed that Pakistan’s development programme needed about Rs 1900 billion in funding annually, but due to financial restrictions in the current fiscal year, the government was only able to set aside Rs 700 billion.
These opinions were presented by the federal minister at a meeting of the National Assembly Standing Committee on Planning, which was chaired by Khalid Magsi.
The minister claimed that while the PML-N government implemented Vision 2010 and Vision 2025, the previous administration did not approve the five-year plan.
The past administration, he continued, was always accusing people of being thieves and infuriated China by charging it with spending lavishly on projects. The government is preparing to hold the 11th meeting of the Pakistan-China Joint Coordination Committee on the China Pakistan Economic Corridor (CPEC) because “we are now regaining China’s confidence.”
Ahsan Iqbal further stated that the federal government’s tax and non-tax earnings will total Rs 9000 billion this year, of which Rs 4000 billion would be distributed to the provinces and Rs 4000 billion would be used to settle debts. This meant that the entire government was dependent on borrowing.
He added that Pakistan has the advantage of its location and that China has the ambitious Belt and Road Initiative plan, and that by taking advantage of this advantage, we may become a commercial hub for a sizable portion of the world.
He claimed that China also benefits from having a different corridor as part of CPEC. Pakistan would gain greatly if even 5% of China’s trade originated in Pakistan.
He added that Chinese corporations had established energy projects under the IPP model and that China had provided concessional financing for infrastructural projects.
According to the minister, more than 80 million new employment opportunities are being created in Pakistan as a result of the high cost of labour in China.
According to Ahsan Iqbal, there were issues with Chinese business visas under the Tehreek-i-Insaaf. He asserted that since 58% of the NFC’s revenues now flow to the provinces as a result of the 18th Amendment, political stability and the maintenance of sustainable economic development plans are essential.
Syed Mahmood Shah, a member of the committee, lamented at the meeting that not a single project from his district had been included in the Public Sector Development Programme (PSDP) 2022–23.
