Lahore: Federal Finance Minister Muhammad Aurangzeb has said that the global economy is going through an uncertain situation, and international conflicts may increase pressure on the prices of essential commodities in Pakistan.
Addressing a function in Lahore, he said that despite external challenges, efforts are underway to stabilise the economy in Pakistan. The government is taking steps to provide facilities to investors and improve the business environment.
According to the Finance Minister, global investors are also looking at other markets along with Pakistan. He said that investors from Europe and the US have shown interest in Pakistani bonds.
Muhammad Aurangzeb also stressed the need for tax reforms and widening the tax net. He said that encouraging the private sector can play an important role in increasing economic activities, investment and employment opportunities.
Terming export-led sustainable growth as important for the economy, he said that Pakistan should focus on improving production and competitiveness in global markets instead of the import-dependent growth of the past.
Referring to energy needs, the Finance Minister said that the government is also making arrangements for the supply of gas and liquefied natural gas (LNG) for the winter.
The possible increase in the prices of energy and other essential commodities due to global conflicts could become a major economic challenge for Pakistan. In such circumstances, controlling inflation, maintaining investor confidence and continuing reforms will be important for the economy.
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