Written by : Dr Umair Haroon
Army Chief General Syed Asim Munir is regarded as the driving force behind the remarkable economic recovery within a year of his appointment. He wholeheartedly supported the government’s initiatives for economic improvement, and the results are becoming evident. Despite the looming economic challenges over Pakistan, there is optimism that, God willing, the nation will prosper in the coming years. Positive indicators of economic growth and national development are emerging.
Regional exports from Pakistan have surged by 14.21% in the first four months, attributed to the measures implemented during the Army Chief’s tenure. The country has earned $123.86 million through fish exports in this period. A new era of substantial foreign investments has begun, with Kazakhstan expressing interest in increased textile imports from Pakistan and offering a $2 billion investment.
Forty major projects by the UN Food and Agriculture Organization (FAO) are underway to revolutionize agriculture in Pakistan. The Economic Coordination Committee (ECC) of the Cabinet has approved a Tech Supplementary Grant (TSG) of Rs 423 million for targeted gas projects in Sindh.
The Pakistan Stock Exchange has surpassed the 60,000-point mark for the first time in national history. Additionally, Pakistan and Kuwait are set to sign seven MoUs covering areas such as Manpower, Energy, and Defense, with an investment agreement of $10 billion in place.
A recent multi-billion dollar MoU was signed between Pakistan and the United Arab Emirates. Notably, significant players in the minerals sector from the UAE are showing interest in Pakistani mining projects, with an expected investment of about Rs 2.5 billion.
The federal government has decided to launch a health program worth Rs 6.8 billion. To combat illegal goods entering the country, a 10 percent processing fee on goods imported under the Afghan Transit Trade Agreement has been announced, aiming to curb smuggling and ensure proper tax collection.
A special meeting of the Apex Committee of the Special Investment Facilitation Council (SIFC) unanimously approved various measures to enhance connections with friendly countries and directed the swift implementation of related projects. The SIFC Committee praised initiatives and projects in the oil and gas sector, with traders advocating for a SIFC-CPEC partnership.
In an effort against water theft in Karachi, more than 150 hydrants were demolished, and 1200 illegal connections were disconnected. The anti-trafficking campaign achieved significant success, with millions of dollars being smuggled into Afghanistan daily. Effective anti-smuggling measures resulted in the depreciation of the dollar from Rs 315 to Rs 276. The prices of petrol and flour have also decreased, with security forces seizing a substantial amount of fertilizer being smuggled into Afghanistan, leading to a reduction in the market price of urea from Rs 600 to Rs 500 per bag.
Following the crackdown, about $1 billion was deposited into banks, according to the Forex Association. The average daily trading volume of currency dealers has surged from $5-7 million to an impressive $50 million. The current account deficit significantly improved to $1.1 billion during the July-October period of the current financial year, compared to $3.1 billion last year. All these achievements are attributed to the collaboration between the Army Chief and the government in the economic field, and no amount of praise seems sufficient.