Islamabad (TDI): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Thursday said that Pakistan is on positive track economically and open to businesses.
Addressing the Pakistan Saudi Arabia Business Forum here, Aurangzeb highlighted government policies aimed at strengthening the private sector to lead the country’s business and economy.
Pakistan was at a good place on economic front and the progress is evident, he said.
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Highlighting macroeconomic stability over the past 14 months, Aurangzeb said tha 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.
In the current fiscal year, strong remittances, export growth, and a reduction in inflation from 38% to 6.9% is a further consolidation, he said.
He added that the decrease in policy rate is benefitting businesses as well as
credit rating has been upgraded and more to be done to get the rate at B- at least.
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The Minister said, institutional flows were coming back to country on both the debt and equity sides.
He counted important achievements like Stock Exchange crossing historical milestone on IMF board approval of an extended program for the country.
He reaffirmed the government’s commitment to structural reforms, promoting sustainable growth and tax reform.
On investment and businesses, he said that the government’s role was not to do business, but to facilitate the private sector.
He welcomed Saudi delegates to promote trade and investment through Business-to-Business (B2B) arrangement.
