Finance Minister Muhammad Aurangzeb underscored on Tuesday growing confidence of investors in Pakistan's economic trajectory, attributing it to the nation's steady march towards stability.
In a press conference held today in Islamabad, Minister Aurangzeb, flanked by Law Minister Azam Nazeer Tarar and Minister for Information and Broadcasting Attaullah Tarar, highlighted the successful visit of a Saudi delegation, which he deemed a testament to the faith in Pakistan's economy.
"The visit of the Saudi delegation has yielded positive outcomes, signifying their confidence in Pakistan's economic landscape," stated Minister Aurangzeb, expressing optimism about the country's direction. He lauded the agriculture sector's remarkable growth of five per cent, propelled by bumper crops, and noted a substantial improvement in key economic indicators.
"Our foreign exchange reserves have surpassed $9 billion, and inflation has seen a significant reduction from 38% to 17%, with a downward trend," Aurangzeb disclosed.
Amid expectations of an imminent visit by an International Monetary Fund (IMF) team, the Finance Minister emphasized Pakistan's commitment to fostering macroeconomic stability and undertaking structural reforms.
"Our focus remains on enhancing the tax-to-GDP ratio to thirteen to fourteen percent, along with vital reforms in the energy sector and reduction of losses incurred by state-owned enterprises," he asserted.
Addressing the issue of pension liabilities, Minister Aurangzeb affirmed plans for comprehensive reforms, assuring that they would be implemented across the board with parliamentary consensus. "A committee, chaired by the Finance Minister, is diligently working on pension reforms, which will necessitate legislative measures," he elucidated.
Echoing his sentiments, Law Minister Azam Nazeer Tarar reiterated the government's commitment to pension reforms, ensuring equitable and sustainable solutions. "Pension reforms will be transparent, inclusive, and backed by legislative framework," he assured.
Minister for Information and Broadcasting Attaullah Tarar echoed the government's proactive stance on pension reforms, assuring public transparency in the decision-making process.
"We are actively considering proposals to alleviate the pension burden, including discussions on service length and its application across all institutions," he affirmed, promising timely updates on the matter.
