Economic Flight | Pakistan in the Security Council | Economic Budget of the Year 2025 | Ishraq A Hashmi

 

The five-year plan “Udan Pakistan” that Prime Minister Shehbaz Sharif inaugurated on Tuesday for the country’s sustainable development is a kind of roadmap for the economic journey that, along with determining the path forward, also provides guidance on many issues, including the destination. It would be good if a broad-based commitment like the “Economic Charter” was also revealed in this chapter, which would further strengthen the hopes of a nation that has been suffering from problems for years. The representation of more than one political party (PML-N and PPP) and federal and affiliated units (Punjab and Azad Kashmir) at the ceremony is pointing towards encouraging harmony. In his address, the Prime Minister also referred to the current spirit of working together between governments and institutions and prayed that this partnership would continue till the Day of Judgment.

The newly introduced plan covers a period of five years. In the past, five-year plans also yielded good results, but later such situations arose in which such programs could not take practical form, while there are countries in the world that have prepared economic, strategic, global and domestic strategy maps for more than a hundred years and the changes of governments and circumstances do not affect their journey. The key points of the "Udan Pakistan" plan include export, e-Pakistan, environment, energy and equity (Five A's), while big targets have been set for different sectors, which will have to work hard to achieve. This effort should be made to save the middle and poor classes from further burden and take such measures that will help them cope. The Prime Minister himself also indicated that if the country has to move forward, the elite will have to make some sacrifices.

Mian Shahbaz Sharif also pointed out on this occasion that former Indian Prime Minister Manmohan Singh adopted the Nawaz Sharif model to develop India, due to which India came ahead. He says that if Pakistan is to move forward, taxes have to be reduced. If I have the chance, I will reduce taxes by 10 to 15 percent so that theft is reduced and efficiency is improved. Obviously, this is not possible immediately, but as the Prime Minister said, "its time will come." To ensure the achievement of this goal, reforms will have to be introduced to overhaul the entire tax system and machinery. Going beyond the income tax of the salaried class and to collect taxes from people in other sectors, it will be necessary to cleanse the government machinery of the scourge of corruption.

Regarding the goals of "Udan Pakistan", Finance Minister Senator Muhammad Aurangzeb says that our goal is to increase the GDP rate to 6 percent by 2028, create 1 million additional jobs annually, and achieve exports of $ 160 billion. The Finance Minister is confident that the "Udan Pakistan Project" will put Pakistan among the world's major countries in the next three years. According to Planning Minister Ahsan Iqbal, no obstacle will be tolerated in the path of economic development now. The current government has overcome many challenges and difficulties in the last nine months and has achieved economic stability. This journey of success can be faster if the opposition parties also help in it. For the success of the ongoing talks in this regard, everyone must be brave. The situation demands it.It is in everyone's best interest to find ways to reach an understanding while keeping the country's interests in mind.

Pakistan in the Security Council 

Pakistan is starting its eighth two-year term as a non-permanent member of the United Nations Security Council from the first day of the new year. Pakistan was elected to this position in June, replacing Japan. In July, Pakistan will chair the Security Council, which will give Pakistan an opportunity to set the agenda and discuss issues related to important international disputes. Pakistan will also get a seat in the committee imposing sanctions on ISIS and Al-Qaeda, which will make it possible to make progress towards solving the problem of terrorism in Pakistan by ISIS and Al-Qaeda-affiliated elements using Afghan soil with the help of the Security Council.

The brutal Israeli aggression in Gaza that has been going on for 15 years, as well as the eight-decade-long conflicts in Palestine and Kashmir, can also be highlighted with full energy in the Security Council. The overall situation in Syria and the Middle East will also deserve special attention from Pakistan as the president of the Security Council. However, it cannot be left without saying that the veto power enjoyed by the permanent members of this most important world council responsible for resolving international disputes has made it a mere show-off institution. Despite UN resolutions, the Palestinian and Kashmir conflicts have not been resolved even after a quarter of a century, and Israel's complete failure to stop the brutal killings and destruction in Gaza for fifteen months is clear evidence of this fact. Instead of taking steps based on justice and fairness, the UN institution has in fact become a tool for the interests of the great powers, and in order to fulfill its original objectives, it is necessary that the veto power enjoyed by the permanent members be abolished and decisions be made by majority vote in accordance with democratic principles.

Economic Budget of the Year 2025

The year 2024 left with bittersweet memories and Pakistan has entered the year 2025 with new hopes and aspirations. Despite being full of various challenges, the past year has proven to be a year of overall recovery for the country’s economy. Inflation has fallen to a six-and-a-half-year low and the current account surplus has reached a fifteen-year high. The stock exchange has crossed the historic milestone of one hundred thousand points. Remittances have increased by 29 percent to $2.9 billion. Exports have increased by 7 percent year-on-year, interest rates have decreased by 9 percent, and the policy rate has decreased from 22 percent to 13 percent. Financial indicators have improved. A 31 percent year-on-year increase in foreign investment has increased investor confidence. A stable economic environment has been established and the country’s economy is on the path to recovery.

Foreign exchange reserves have increased to $12 billion. The rupee has appreciated by more than three rupees. The inflation rate, which had reached 38 percent, fell to 4.9 percent, but its effects could not reach the people due to the huge increase in electricity and gas bills. Pakistan obtained a bailout package of $ 7 million from the IMF to stabilize the country's economy. Due to unrealistic targets, the international organization's condition of collecting 60 trillion rupees in revenue was not met. Like other commodities, the prices of petroleum products also fluctuated. The price of petrol ranged from Rs 293.94 per liter to Rs 247.03 and has now been set at Rs 252.66 at the beginning of the new year. If the country's economy continues to recover in this way, 2025 will be a year of growth and what if there is a political consensus?