Islamabad (TDI): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb emphasized the need to transform Pakistan’s economic model to foster inclusive and sustainable growth.
During a meeting with a high-level delegation from the Asian Development Bank (ADB) at the Finance Division, the minister reiterated the government’s commitment to implementing structural reforms.
He aimed at achieving macroeconomic stability and reducing reliance on external borrowing.
Focus on Export-Led Growth and FDI Inflows
The Finance Minister stressed that shifting Pakistan’s economy away from the traditional boom-and-bust cycle and moving towards export-led growth is essential.
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He pointed out the need to encourage foreign direct investment (FDI) in export-oriented sectors, ensuring access to international capital markets and achieving long-term economic sustainability.
Meeting with ADB Delegation
The ADB delegation was led by Mr. Donald Babiash and Mr. Shigeo Shimizu, along with Mr. Yong Ye, ADB Country Director. Senator Aurangzeb welcomed them.
The Minister provided a detailed overview of the government’s ongoing structural reforms, including improvements in key economic indicators such as inflation, the exchange rate, and foreign exchange reserves.
Significant Economic Progress
Sector Aurangzeb highlighted key economic achievements such as the sharp decline in inflation to 6.9% in September 2024 from a peak of 38% last year.
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He also noted the reduction in the policy rate by 450 basis points, increased foreign exchange reserves to $10.7 billion, and a stock market index surpassing 85,000 points. These factors reflect growing business confidence and a favorable investment climate in Pakistan.
Prime Minister’s Leadership in Reform Implementation
The Minister credited Prime Minister Shehbaz Sharif for leading the implementation of wide-ranging reforms in taxation, energy, and governance. He also highlighted the importance of the National Fiscal Pact which mobilizes tax resources and economic development.
ADB’s Continued Support
The ADB delegation commended Pakistan’s bold reform initiatives and expressed its continued support for Pakistan’s development goals. They are committed to assisting Pakistan in achieving inclusive growth, innovation, and climate resilience.
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Senator Muhammad Aurangzeb expressed his gratitude to ADB for its ongoing support. He looked forward to deepening the partnership and driving Pakistan’s reform agenda forward for a stable and prosperous future.
