The Eighth Five-Year Plans for National Economy of Pakistan (or simply regarded as Eighth Five-Year Plans) was a set of a centralized and planned economic goals and targets designed to strengthen the economic development and performance of Pakistan between 1993 and 1998.[1][2]
The plan was drafted and presented by then people-elected Prime ministerBenazir Bhutto at the first session of parliament, as part of social capitalist policies for the improvement of economics development in Pakistan. After the termination of the seventh five-year plans on 30 June 1993, an annual plan was commenced and also integrated with the eighth plan and was finally launched by Benazir Bhutto on 31 May 1994.[2][3] The framework of the plans and planning was started by Benazir Bhutto after successfully terminating the seventh plan, promulgated in 1988.[2] At an Economic Coordination Committee (ECC) meeting chaired by Benazir Bhutto, the five-year plan was prepared with the consultation of provisional governments and federal bureaus of the government, comprising 28 technical committees that consisted of 2,500 technocrats from joint public and private sector.[2] The plan reflected the initiatives and policy formation of the government in a view to geared up to a dynamic and equitable economic system.
The plan underscored a public-private partnership and gave priority to the empowerment and development of social and power sector, drainage and physical civil infrastructure.[4] The plan did not fulfill all of the objectives of the planned targets, and in 1998, the plan was successfully terminated in a favor of continuing privatization programme of the upcoming people-elected prime minister, Nawaz Sharif.[citation needed]
↑ Qureshi, Saeed Ahmad; Gov. of Pakistan. "Introduction of Eight Plan"(PDF). Government of Pakistan. Archived from the original(PDF) on 3 March 2016. Retrieved 20 May 2016.
↑ Planning Commission of Pakistan (PCP). "Review of Seventh Plan"(PDF). Government of Pakistan. Archived from the original(PDF) on 4 March 2016. Retrieved 20 May 2016.
Benazir Bhutto was a Pakistani politician who served as Prime Minister of Pakistan from 1988 to 1990 and again from 1993 to 1996. She was the first woman to head a democratic government in a Muslim majority country. Ideologically a liberal and a secularist, she chaired or co-chaired the Pakistan Peoples Party (PPP) from the early 1980s until her assassination in 2007.
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Events in the year 1990 in Pakistan.
The Five-Year Plans for the National Economy of Pakistan, were the series of nationwide centralised economic plans and targets as part of the economic development initiatives, in the Pakistan. The plan was conceived by the Ministry of Finance (MoF), and were studied and developed by the Economic Coordination Committee (ECC) based on the theory of Cost-of-production value, and also covered the areas of Trickle-down system. Supervision and fulfillment of this programme became the watchword of Pakistan's civil bureaucracy since early 1950s.
The missile research and development program was the Pakistan Ministry of Defence secretive program for the comprehensive research and the development of guided missiles. Initiatives began in 1988 Benazir Bhutto Government in a direct response to equivalent program existed in India and was managed under the scrutiny of the Ministry of Defence in close coordination with the other related institutions.
Since Indian independence in 1947, the economy of Pakistan has emerged as a semi-industrialized one, the on textiles, agriculture, and food production, though recent years have seen a push towards technological diversification. Pakistan's GDP growth has been gradually on the rise since 2012 and the country has made significant improvements in its provision of energy and security. However, decades of corruption and internal political conflict have usually led to low levels of foreign investment and underdevelopment.
The Nationalisation process in Pakistan was a policy measure programme in the economic history of Pakistan, first introduced, promulgated and implemented by Prime Minister Zulfikar Ali Bhutto and the Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of national economy of Pakistan. Since the 1950s, the country had undergone a speedy industrialisation and became an industrial paradise in Asia. But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries.
The Privatisation process in Pakistan is a continuous policy measure program in the economic period of Pakistan. It was first conceived and implemented by the then-people-elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to enable the nationalised industries towards market economy, immediately after the economic collapse of the Soviet Union in 1989–90. The programme was envisaged and visioned to improve the GDP growth of the national economy of Pakistan, and reversal of the nationalisation programme in 1970s— an inverse of the privatisation programme.
The Seventh Five-Year Plans for National Economy of Pakistan, otherwise known as Seventh Plan, were a set of a highly centralized and planned economic development targets designed for the improvement of the standard of living, and overall strengthening of gross domestic product (GDP) growth in Pakistan, between the period of 1988 until its termination in 1993.
Pakistan began a period of economic liberalisation in the 1990s to promote and accelerate economic independence, development, and GDP growth.
The Periods of Stagflation, also attributed as Stagflation in Pakistan, Pakistan Stagflation, or inflation and unemployment in Pakistan, is a generic on-going period of economic, political and social stagflation in the economic context, which had been affecting the national economic growth of Pakistan in its successive decades of its history.
The history of the Islamic Republic of Pakistan began on 14August 1947 when the country became an independent nation in the form of Dominion of Pakistan within the British Commonwealth as the result of Pakistan Movement and the partition of India. While the history of the Pakistani Nation according to the Pakistan government's official chronology started with the Islamic rule over Indian subcontinent by Muhammad bin Qasim which reached its zenith during Mughal Era. In 1947, Pakistan consisted of West Pakistan and East Pakistan. The President of All-India Muslim League and later the Pakistan Muslim League, Muhammad Ali Jinnah became Governor-General while the secretary general of the Muslim League, Liaquat Ali Khan became Prime Minister. The constitution of 1956 made Pakistan an Islamic democratic country.
Pakistan has been a member of the International Monetary Fund (IMF) since 1950. Due to unpredictable nature of the economy and heavily dependent on imports, IMF has given loan to Pakistan on twenty-two occasions since its membership, recent in 2019.
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