Islamabad (Web Desk): Federal Minister for Finance and Revenue Muhammad Aurangzeb on Thursday while expressing optimism about Pakistan’s prospects, said that the country is at a good place on economic front and open to business.
Addressing the Pakistan-Saudi Arabia Business Forum in Islamabad, Aurangzeb highlighted government policies aimed at strengthening the private sector to lead the country’s business and economy.
The minister emphasised that the government’s role was not to do business, but to facilitate the private sector.
Aurangzeb welcomed Saudi Arabian delegates to promote trade and investment through a Business-to-Business (B2B) model.
The finance minister cited significant progress in macroeconomic stability over the past 12-14 months. Pakistan achieved a primary surplus, reduced its current account deficit to less than $1 billion, stabilized its currency, and increased foreign exchange reserves to cover two months of imports.
The minister noted that these gains have been consolidated in the current fiscal year, with strong remittances, export growth, and a reduction in inflation from 38% to 6.9%. The decrease in policy rate has also benefited businesses.
“Pakistan’s credit rating has been upgraded however added more was to be done to get the rate at B- at least,” he said, adding that institutional flows are coming back to country on both the debt and equity sides.
He said that the International Monetary Fund (IMF) board approved an extended program for the country.
He said, the IMF programme has two implications including bringing permanence in macroeconomic stability and secondly to execute structural reforms.
The finance minister reaffirmed the government’s commitment to structural reforms, promoting sustainable growth and tax reform.
