LONDON – Finance Minister Muhammad Aurangzeb made important announcements regarding the country’s economic prospects and reforms while addressing the Pakistan Access Day Conference. He said Pakistan is on the path of economic stability, and the government’s target is to achieve a 6% GDP growth rate. In the first half of the fiscal year 2025, the primary budget surplus was Rs 3.6 trillion, while the inflation rate has come down to just 0.3 percent in April.
The finance minister informed us that the Fitch rating agency has upgraded Pakistan’s credit rating from triple C+ to negative B, which shows the country’s progress towards economic reforms. The government plans to take exports to $50 billion and limit inflation to 6 percent. He added that the government is rapidly working towards setting up a $5 billion ICT freelancing industry, which will create new employment opportunities for the youth.
Mohammad Aurangzeb reiterated the commitment to reduce greenhouse gas emissions by 50 percent and said that the government’s Five-Eyes Framework is a comprehensive plan to revive the economy. He stressed that the new investment policy provides the best incentives to foreign investors, which will boost the business environment in Pakistan. The Finance Minister said that SIFC is playing an important role in accelerating investment and ease of doing business. He also mentioned steps to digitally simplify business permits through the Pakistan Business Portal, while citizens of 126 countries can now get e-visas within 24 hours.
During the conference, Adviser on Privatization Muhammad Ali said that the government is continuing the privatization of public institutions through a transparent and competitive process. He said that global investors have expressed confidence in investing in Pakistan, which is an important development for the country’s economic development. These steps are expected to boost foreign investment in Pakistan, which will help strengthen the country’s economy.
