ISLAMABAD: Prime Minister Shehbaz Sharif has formed a high-level committee to review a proposal for declaring an export emergency aimed at doubling Pakistan’s exports to $60 billion, Planning Minister Ahsan Iqbal said on Monday.
Addressing a press conference, Iqbal said the committee, headed by Deputy Prime Minister Ishaq Dar, will examine measures to remove export bottlenecks, including delays in the release of genuine tax refunds. The recommendations will be submitted to the prime minister next week.
Iqbal said the proposal includes declaring an export emergency, establishing a Prime Minister’s Export Hotline, and maintaining a real-time dashboard to ensure tax refunds are paid within 30 days. The planning ministry last month briefed the civil and military leadership on strategies to reduce reliance on the IMF by boosting exports.
The announcement comes days after the Federal Board of Revenue (FBR) posted a Rs330 billion tax shortfall, despite paying significantly fewer refunds in December. Iqbal said poor revenue performance had constrained both federal and provincial development spending, with only 21% of the annual development budget utilised in the first half of the fiscal year.
The planning minister said Pakistan must raise exports to $60 billion within four years and $100 billion over the next decade to avoid repeated bailouts from friendly countries and the IMF. Pakistan currently owes around $13 billion in short-term loans to allied nations.
Among other proposals, the planning ministry recommended making national holidays optional for export-oriented industries, fast-tracking special economic zones, backing the top 200 export firms, and converting diplomatic missions into trade-focused posts.
Iqbal said Pakistan faces major gaps in value-added textiles, agriculture, IT services, and engineering goods. He stressed that the economy has stabilised, with 3.7% GDP growth in the first quarter and 5% growth in large-scale manufacturing, while ruling out import-led growth that could trigger another balance-of-payments crisis.