Reforms bring economic stability: FinMin Aurangzeb

Federal Finance Minister Muhammad Aurangzeb said on Tuesday that the government reforms had brought stability to the economy and earned Pakistan recognition at the international level.

In an interview with Gulf News, he said work on privatisation and institutional reforms continued, adding that the economy had recorded historic improvement. "For the first time, a significant surplus had been recorded, while inflation had declined markedly. Economic growth had increased, and foreign exchange reserves had exceeded $20 billion."

Aurangzeb said a near 40 per cent rise in the stock market reflected investor confidence, adding that the government’s objective was not limited to short-term improvement but aimed at sustained economic stability. He said the economy would, in future, be strengthened through the private sector, with Pakistan moving towards an export- and investment-led model.

He added that economic cooperation with the United Arab Emirates was increasing, while remittances had improved notably. He said investment opportunities existed in information technology, minerals, and oil and gas, alongside broad prospects in other sectors of the economy.

 The finance minister said efforts were under way to reduce public expenditure.