Pakistan's economy is heading in right direction, says finance minister

Lahore (Web Desk): Finance Minister Muhammad Aurangzeb said that the government is working diligently to bring about long-term financial stability.

Addressing a meeting the Lahore Chamber of Commerce and Industry on Saturday, he expressed optimism about Pakistan’s economic direction.

The finance minister noted that recent economic indicators show positive trends, with inflation cooling and policy interest rates coming down, which he said would contribute to easing the burden on businesses and citizens alike.

The minister stressed that the administration’s key objective remains delivering meaningful relief to the public.

Muhammad Aurangzeb emphasized the government’s vigilance in tracking the cost of daily-use items, underscoring efforts to ensure that improvements in the macroeconomic climate directly benefit the population.

He pointed out the importance of the business community, acknowledging that traders are fundamental to national development.

“The government is actively addressing the concerns of the business sector to remove roadblocks and foster a more conducive environment for growth,” Aurangzeb said.

Focusing on long-term stability, the finance minister stressed that industrial development is central to the country’s economic resilience.

He highlighted ongoing reforms aimed at reducing production costs and enhancing competitiveness, adding that the government’s economic team is working on foundational changes to support sustained productivity.

The finance minister reiterated the commitment to ensuring that the benefits of reduced inflation are not lost in the supply chain, vowing to prevent middlemen from inflating prices and profiting unfairly.

The finance minister revealed that the government plans to privatize 24 state-owned entities as part of its broader economic strategy, which includes reducing inefficiencies and encouraging private sector participation.

He announced forthcoming tax relief for salaried professionals, noting that they have historically borne a disproportionate share of the tax load, and assured that easing their burden is a priority.

The minister also pointed to strategic sectors poised to boost Pakistan’s economic outlook, naming minerals and the technology industry as areas with high potential.

Muhammad Aurangzeb drew attention to Pakistan’s copper reserves, suggesting that they could replicate the kind of economic transformation seen in other resource-rich countries, such as Singapore’s success with nickel exports.

He stated that Pakistan is open for business while investors’ confidence is growing, especially after the removal of restrictions on the repatriation of profits.

The finance minister credited the Prime Minister Shehbaz Sharif for personally steering the economic recovery plan and expressed confidence that the effects of these reforms would soon be visible to all.