ISLAMABAD: Pakistan’s Minister for Finance and Revenue, Senator Muhammad Aurangzeb said on Tuesday that Pakistan’s economy was steadily advancing in the right direction, underlining the government’s steadfast commitment to accelerate momentum towards achieving both economic growth and comprehensive social development.
In his address at the seventh edition of the Leaders in Islamabad Business Summit, Collaboration for Growth, Muhammad Aurangzeb underlined the impact of the incumbent government’s constructive measures on economic indicators, noting their resilience amidst challenges.
He said that these indicators signified a favorable trajectory in contrast to previous standings, showing an optimistic outlook for the national economy.
He said that when he assumed the charge, the foreign exchange reserves of the country stood at 3.4 billion US dollars, an import bill covering only fifteen days. However, he noted a significant improvement, with reserves now exceeding 13.3 billion dollars.
He further anticipated a boost following the disbursement of the tranche from the International Monetary Fund (IMF) to Pakistan.
The minister said that the Pakistan Stock Exchange (PSX) was performing well as it witnessed remarkable growth in recent days, adding such sentiments were helping to restore market confidence.
Agriculture Sector in Pakistan
Moreover, the agricultural sector in Pakistan experienced notable growth with the successful harvesting of bumper crops, promising a positive ripple effect on the industrial sector, he added.
He said that the agriculture credit disbursement during the period from July to February 2024 witnessed 33.6% growth as compared to the same period of last year. During the period under review, the current account deficit dropped by 74% and reached 1.00 billion dollars as against the deficit of 3.9 billion, the minister added.
Muhammad Aurangzeb said that in the last nine months of the current financial year, the trade deficit also remained on down track and narrowed by 24.9%, which came down from 22.7 billion dollars to 17.0 billion.
He stressed the significance of promoting agriculture growth up to 5 to 6% per annum, besides harnessing the potential of local livestock sectors.
