Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Monday urged the federal government to declare an export emergency to revive trade and accelerate export-led economic growth.
Addressing a press conference to release the Monthly Development Outlook Report, the minister stated that Pakistan’s economy is recovering due to easing inflation, improving industrial output, rising exports, and growing remittances.
To support exporters, the minister said recommendations included declaring an export emergency, establishing a hotline at the Prime Minister’s House, and ensuring the timely payment of exporters’ refunds.
He said the Ministry of Planning saved Rs. 3.5 billion during the first six months of FY26. Meanwhile, the government approved the release of Rs. 356 billion for development projects during the same period, of which Rs. 210 billion has been spent.
He said inflation declined from 7.2 percent in July to 5.2 percent by December, though temporary pressure emerged due to supply disruptions caused by floods. Exports have started to rise, while the performance of large-scale manufacturing has improved after two years, with industrial growth increasing from 0.6 percent to 5 percent between July and October.
Ahsan Iqbal described 3.7 percent GDP growth in the first quarter as encouraging. He criticized the previous government for opening imports to achieve 6 percent growth, which had expanded the trade deficit by $50 billion.
He said the Federal Board of Revenue (FBR) collected Rs. 6.2 trillion in tax revenue from July to December, reflecting a 10 percent increase compared to the same period last year. Total exports of goods and services rose by one percent to $16.6 billion, while remittances increased by 10.5 percent to $19.7 billion.
On import substitution measures, Ahsan Iqbal said Pakistan spends $4 billion annually on edible oil imports, and this bill must be reduced over the next five years through increased cultivation of canola and other oilseeds. He said a strategy for local tea production has been prepared to help cultivate 6,000 hectares of land for mass production of tea.
The minister also said talks were underway with the United States to expand the Pak-US Knowledge Corridor, under which 10,000 PhDs would be produced over the next decade. Similar discussions are ongoing with China for another 10,000 doctoral scholarships, Iqbal concluded.
Those who scrapped affordable oil project with Iran are worried about exports 😆 🤣 😂