Pakistan’s Economic Recovery Gathers Pace, Finance Minister Aurangzeb Confident of 3% Growth

Pakistan’s Finance Minister Muhammad Aurangzeb expressed optimism about the country’s economic trajectory, asserting that Pakistan’s economy is on the right track. During a press conference on Saturday in Islamabad, he highlighted significant achievements, including inflation plummeting to its lowest level in six decades and the country’s foreign exchange reserves expected to surpass $13 billion by June.

According to Aurangzeb, inflation has dramatically decreased to a historical 0.7%, and the government is forecasting a 3% economic growth rate for the current fiscal year. “We are beginning to see the benefits of reduced inflation, but it is essential that these benefits are passed on to the common man,” he said, emphasizing that inflationary pressures were now under control.

The Finance Minister outlined several key measures contributing to the economy’s stabilization, including a significant increase in the number of tax filers, which has doubled, reflecting a positive shift towards financial transparency. He also noted that Pakistan’s economic recovery is being buoyed by a surge in foreign exchange reserves.

In his statement, Aurangzeb acknowledged the pivotal role of the International Monetary Fund (IMF) in Pakistan’s recovery, particularly in securing climate financing. He also touched on the importance of a stable banking sector and reducing the central bank’s policy rate to stimulate economic activity.

The Finance Minister also pointed out that the government is focusing on creating a conducive environment for investment, specifically by encouraging more investors to enter the stock market and ensuring essential commodity prices are monitored effectively.

“The final phase of the IMF program will coincide with implementing critical economic decisions that will shape Pakistan’s future,” Aurangzeb said, expressing confidence that these decisions will set the stage for long-term economic stability.

While acknowledging the progress made, Aurangzeb stressed that the government remains committed to ensuring that economic growth becomes stable and self-sustaining, marking a significant step towards sustainable prosperity for Pakistan.