Pakistan’s economy on right track as reforms accelerate across key sectors: FM Aurangzeb
Islamabad: Finance Minister of Pakistan Muhammad Aurangzeb has said that the country’s economy is on the right path, with global rating agencies recognizing Pakistan’s economic stabilization.
According to Kashmir Media Service, Aurangzeb addressing a press conference alongside FBR Chairman Rashid Mahmood Langrial, Energy Minister Awais Leghari, and IT Minister Shaza Fatima in Islamabad said reforms are being implemented across taxation, energy, and other major sectors.
He said Pakistan has achieved macroeconomic stability and is now focused on ensuring sustainable economic growth through structural reforms. “Our direction is correct,” he emphasized, adding that IMF’s staff-level agreement also validates this stability.
He said the successful completion of the second International Monetary Fund (IMF) review and the subsequent staff-level agreement in Washington reaffirmed that the country’s economic trajectory was on the right path.
Aurangzeb said investor confidence was crucial for attracting new foreign direct investment (FDI). “Until our existing investors are satisfied, we cannot talk about further FDI,” he said, adding that the government had moved in the right direction toward stability.
Highlighting the next phase of economic management, the finance minister said Pakistan must now focus on avoiding historical boom-and-bust cycles and move toward sustained and inclusive growth.
Pakistan today stands at a unique confluence of economic stability and favourable geopolitical tailwinds, he said, pointing to stronger trade and investment opportunities with China, the United States, and Gulf Cooperation Council countries. Structural reforms were indispensable for achieving sustainable growth, he remarked.
Meanwhile, FBR Chairman Rashid Mahmood Langrial said the tax-to-gross domestic product (GDP) ratio increased over the last year by 1.49 per cent, crediting effective measures by the government for the collections.
“The rate of submission of individual tax returns has increased,” he said. “FBR is implementing the tax measures approved in the budget; it has the support of all institutions.”
Power Minister Awais Leghari, while giving an update on the reforms in the power division, said the electricity prices have been reduced by Rs10.5 over the last 18 months. He said the reduction for the industrial units has been to the tune of Rs16 per unit.
He said the government has also reduced the circular debt, with a plan to clear the circular debt of Rs1.2 trillion without putting extra burden on the consumers in the next six years.
The IT Minister, Shaza Fatima, said digitisation will provide convenience to people, ensure transparency, and save time. “People will no longer have to stand in queues for payment and transfer of the nation,” Fatima said, adding that people will not be able to hide their transactions
Adviser on Privatisation Muhammad Ali detailed the progress made for the privatisation of different state-owned enterprises.
