Govt planning to impose ‘export emergency’

The government has planned to announce an ‘export emergency’ in the country and create a special cell at PM Office to address problems and complaints of the business community on an urgent basis for increasing exports by 40pc in four years and by around 200pc by 2035 for sustainable economic growth and job creation.

“We will have to transform the entire system and become an export nation on an emergency basis, otherwise, the dependence on the International Monetary Fund (IMF) and friendly countries for financial support would continue,” said Minister for Planning and Development Ahsan Iqbal at a news conference on Monday.

He conceded the country’s export performance in first four months (July-October) was not satisfactory even though exports grew by around 1pc. He also said there were genuine questions and impatience why GDP was not growing fast quickly but it was a pragmatism decision of the government not to rush for growth through consumerism as was done by the previous government in 2022.

To gain quick growth to 6pc in 2022, the then government facilitated consumerism by opening imports which increased growth rate but created $50bn trade deficit that evaporated the country’s foreign exchange reserves and then led to massive devaluation and inflation whose impacts are felt even today despite corrective measures.

Ahsan Iqbal says special cell to be created at PM Office for addressing hurdles to achieving ‘40pc growth’ target

“We don’t have to go for artificial growth but the one which is backed by all sectors of economy including agriculture, industry and exports for sustainable path. This can only be done through pragmatism. If we were to break free of external crutches and achieve economic independence, we have to leapfrog exports. There is no other option,” he said.

The minister said a committee he led proposed comprehensive measures to the PM, including announcement for an export emergency, rapid payment of refunds and a special unit in the PM Office with a dedicated hotline tasked with listening to exporters and businesses issues for settlement on emergency basis.