PTBP Web Desk
The State Bank of Pakistan (SBP) on Wednesday, Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, laid out a vision for economic transformation under the Uraan Pakistan programme. Addressing the CEOs and presidents of commercial banks, he emphasized the immediate need for establishing a special export development window to realize the programme’s success.
Iqbal challenged the banking sector to diversify their investment strategies beyond government lending, pointing out that if banks can profit from government securities, they should also consider other lucrative avenues like supporting small and medium-scale enterprises (SMEs). He proposed that within the next five years, SMEs could potentially contribute between $40-60 billion to Pakistan’s exports. This ambitious target underscores the minister’s faith in the untapped potential of the SME sector.
Adding to his economic blueprint, the minister suggested a laptop leasing scheme for students, drawing parallels with existing auto leasing models. This initiative aims to bridge the digital divide by providing access to technology, thereby fostering a more educated and tech-savvy workforce. He also highlighted the broader goal of quality human resource development, asking banks, including the State Bank, to consider launching scholarship schemes.
With an eye on the future, Iqbal noted that Pakistan would celebrate its centennial in just 22 years. He expressed optimism about turning Pakistan into a case study for rapid development, particularly through initiatives like Uraan Pakistan. However, he acknowledged significant challenges, including a shortage of skilled labor, which he sees as key to not only increasing remittances but also boosting the export of goods and services from $30 billion to $100 billion.
The minister discussed the vast but underutilized mineral reserves in Pakistan, which he estimates are worth trillions of rupees. He criticized the lack of exploitation of these resources and announced that policy formulation for the blue economy and mining sectors is in progress to address this. Additionally, Iqbal called for a green revolution in agriculture to enhance sustainability and export capacity, aiming to align Pakistan’s export growth with its GDP.
In a subsequent media interaction, Iqbal pointed out that external political activities were contributing to Pakistan’s economic difficulties. He blamed a lack of harmony among the state’s three pillars for these challenges, suggesting that internal unity is crucial for economic stability and progress.
Iqbal firmly believes that the success of the Uraan Pakistan programme, which is set for the next five years, heavily relies on the cooperation and support from commercial banks. His call was met with assurances from the banking sector leaders present, who expressed their readiness to support this national economic upliftment plan.
