Federal Finance Minister Senator Muhammad Aurangzeb has said that the positive assessments of Pakistan’s economy by global financial institutions are proof that the country has made significant progress towards economic stability during the past one year. In an interview given to an American TV, he said that all indicators such as improvement in foreign exchange reserves, stability in the value of the currency, reduction in inflation rate and reduction in interest rates point to a positive direction.
He clarified that the government’s aim is not just temporary stability but to ensure sustainable development through structural reforms. Tax reforms and improvements in the energy sector have been declared as the main pillars of this strategy. He said that restructuring of government institutions and transparency in financial discipline are also part of this policy.
According to Senator Muhammad Aurangzeb, the government has decided to shift the economy towards growth based on exports instead of relying on imports. Changes have been made in the tariff structure to make industries competitive and efforts are being made to promote exports by reducing the prices of intermediate products including raw materials.
He said that every country formulates policies according to its economic needs and the real goal for Pakistan is to increase competitiveness instead of protectionism. According to the Federal Finance Minister, now instead of giving permanent protection to industries, they have to be brought in line with global standards so that they can move on the path of sustainable development.
The senator has termed the ongoing structural reforms in Pakistan as a possible basis for the development model of East Asia.
