Finance Minister Aurangzeb reaffirms govt's focus on fiscal discipline, sustainable growth 

London (Web Desk): Finance Minister Muhammad Aurangzeb has said the government remains focused on maintaining fiscal discipline, strengthening the country’s external economic position and keeping reforms on track, while working to attract more private investment from local and international investors.

He made these remarks while addressing the J.P. Morgan Conference in London.

Aurangzeb said that the government’s immediate focus is to turn economic stability into a lasting foundation for growth.

He said that Pakistan’s future economic expansion should be increasingly supported by investment, improved productivity, exports and private-sector participation instead of temporary growth driven mainly by consumer spending.

The finance minister also announced that the government is working on a National Private Equity Framework aimed at directing institutional funds towards businesses and development projects.

The initiative is also intended to further develop the country’s private equity and venture capital sectors.
He said steps are being taken to improve access to financing for small and medium-sized enterprises (SMEs), the agriculture sector and housing.

The objective, he added, is to ensure that improvements in the broader economy lead to increased lending, investment and productive economic activity.

Speaking about Pakistan’s engagement with the international economy, Aurangzeb said the country is moving away from its traditional reliance on aid and placing greater emphasis on trade and investment.

While stressing the value of bilateral partnerships, he said Pakistan needs to expand trade in both goods and services and secure more long-term investment through mutually beneficial economic ties.

Meanwhile, State Bank of Pakistan (SBP) Governor Jameel Ahmad highlighted the improvement in Pakistan’s external economic position.

He pointed to stronger foreign exchange reserves, improved quality of reserve accumulation, increased remittance inflows and more solid fundamentals in the external sector.