Pakistan

“Economy is on the rise,” Aurangzeb discusses IMF’s package

Islamabad— In a press briefing on Sunday, Federal Finance Minister Muhammad Aurangzeb provided an optimistic outlook for Pakistan’s economy, highlighting a series of positive indicators that signal significant recovery under Prime Minister Shehbaz Sharif’s leadership.

Aurangzeb announced that Pakistan’s foreign exchange reserves have reached their highest levels in recent years, attributing this increase to prudent financial policies and strong external support. He noted, “The IMF programme has been successfully completed, and it played a vital role in stabilising the economy.”

Decline in Inflation and Increased Exports

The finance minister reported a notable decrease in inflation, which has now fallen into single digits, providing much-needed relief to consumers after months of rising prices. This drop has also enabled the State Bank of Pakistan (SBP) to reduce its policy rate, creating a more favorable environment for businesses and consumers alike.

Aurangzeb highlighted a remarkable 29% increase in domestic exports, particularly in the IT sector, describing this growth as a “promising development” that is likely to enhance Pakistan’s balance of trade. He also mentioned improved performance in the Pakistan Stock Exchange (PSX), reflecting rising investor confidence.

Foreign Investment on the Rise

The minister pointed out a significant increase in foreign direct investment (FDI), indicating growing trust from international investors in Pakistan’s economic prospects. He stressed that while achieving macroeconomic stability is an ongoing journey, the country is heading in the right direction.

“We are seeing the positive results of our policies and reforms,” Aurangzeb stated. He also reiterated the new restrictions imposed on non-filers by the Federal Board of Revenue (FBR), noting that the number of tax filers has doubled from 1.6 million to 3.2 million in the current fiscal year.

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