IMF agreement crucial to Pakistan’s economic stability: Ahsan Iqbal

ISLAMABAD: Federal Minister for Planning Ahsan Iqbal has highlighted the importance of the International Monetary Fund (IMF) agreement as a cornerstone for Pakistan’s economic stability.

He said that the program will ensure the country avoids default over the next three years. Speaking at a recent event, Ahsan Iqbal stressed the urgency of taking full advantage of the IMF deal. The minister also warned that failure to do so would result in further economic challenges.

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The planning minister said that Pakistan has faced decades of economic uncertainty due to the lack of a consistent, export-driven policy. He lamented the fact that in 77 years, the country has yet to adopt an economic model focused on exports, a crucial aspect for sustained growth.

Reflecting on the country’s previous development initiatives, such as Vision 2010 and Vision 2025, the minister said that they were derailed due to “political accidents.” He acknowledged that these setbacks have delayed Pakistan’s journey towards becoming an export-oriented economy. However, he expressed optimistism saying that the country is now moving in the right direction and urged that economic development be pursued with “full force.”

Ahsan Iqbal underscored that exports must become the central focus of Pakistan’s economy, pointing to the success of other nations that have used foreign exchange growth as a foundation for economic progress. He stated that foreign exchange would play a critical role in the country’s National Growth Strategy and emphasised that Pakistan needs to prioritise its export industry in order to compete globally.

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The Minister also addressed the inefficiencies in Pakistan’s logistics infrastructure, particularly the performance of its ports, which lag behind regional competitors in global rankings. He called for urgent steps to modernise Pakistan’s ports and bring them into the top 50 globally, stating that efficient ports are essential to boosting exports.

Iqbal stressed that political stability in the next five years is also critically important for Pakistan’s economic progress. He called on all political stakeholders to prioritise the nation’s stability, warning that any disruption would be “an enmity with Pakistan.”