Finance Minister Muhammad Aurangzeb has said that Pakistan has made significant progress in the economic field in the past one year, as a result of which the country’s economy is gradually moving towards stability.
In an interview given to Chinese media, the Finance Minister said that the inflation rate in Pakistan has come down to single digits, foreign exchange reserves have improved and the policy rate has been significantly reduced.
He said that the current foreign exchange reserves are sufficient to meet the country’s two and a half months of imports, which is a clear indication of the strength of the economy.
According to Muhammad Aurangzeb, these achievements have also been recognized internationally, and three major rating agencies — Fitch, S&P and Moody’s — have improved Pakistan’s credit rating.
He added that Pakistan’s GDP recorded a growth of 3 percent in the last fiscal year, while a growth rate of more than 4 percent was targeted for the current fiscal year. However, there is a possibility of some decline due to the effects of the recent floods.
The Finance Minister expressed confidence that the government will be able to achieve a growth rate of 3.5 percent in the current fiscal year, while significant progress is also being made in the second phase of CPEC.
