Prime Minister Shehbaz Sharif has stepped up efforts to bring transformation in Pakistan’s economy by pushing for an export emergency, aiming to raise the Pakistan’s exports to $60 billion by 2029. The move seeks to remove long-standing hurdles, especially delays in tax refunds, and reduce Pakistan’s reliance on the International Monetary Fund (IMF).
Planning Minister Ahsan Iqbal announced that the prime minister has formed a high-level committee, led by Deputy Prime Minister Ishaq Dar, to review proposals focused on boosting Pakistan’s exports and improving economic resilience.
Dar-Led Committee to Review Export Reforms to boost exports of Pakistan
Addressing a press conference, Iqbal said the Dar-led committee will submit its final recommendations to the prime minister next week. The proposals include declaring an export emergency, setting up a Prime Minister’s Export Hotline, and launching a PM export dashboard. This will ensure genuine tax refunds are released within 30 days.
As per the planning ministry, doubling exports within four years remains the only sustainable way to end repeated IMF bailouts and dependence on friendly countries for short-term loans.
Refund Delays and Fiscal Pressures Highlight Urgency
The export push comes amid concerns over revenue collection. The Federal Board of Revenue (FBR) recently recorded a Rs 330 billion tax shortfall, partly due to reduced refunds. While this lowered the risk of a mini-budget, it increased pressure on existing taxpayers and slowed development spending.
Iqbal revealed that only 21% of the annual development budget actually spent in the first half of the fiscal year. However, he expressed confidence that spending would accelerate as funds are released in the second half.
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Export Growth Seen as Path to Economic Independence
The government keeps on believing that raising exports to $60 billion in four years and $100 billion in a decade can secure Pakistan’s economic future. Currently, Pakistan owes nearly $13 billion in short-term loans to friendly countries.
The planning ministry also proposed backing the top 200 export-oriented firms,
- Turning diplomatic missions into trade missions
- Fast-tracking special economic zones
- Engaging the Pakistani diaspora for investment and export growth
A Choice Between Status Quo and Ambition
Iqbal claimed that Pakistan faces a clear choice: continue with business-as-usual growth toward a $600 billion economy by 2035, or adopt an ambitious export-led strategy to reach a $1 trillion economy. With inflation easing and manufacturing growth improving, the government believes the time for an export emergency has arrived.