Lahore: Federal Finance Minister Senator Muhammad Aurangzeb says that global rating agencies are giving positive assessments of Pakistan’s economy and this progress is proof that there has been a clear improvement in the economic situation in the past one year. In a foreign TV interview, he said that foreign exchange reserves are increasing, the value of the rupee is stabilizing and there is a trend of reduction in inflation and interest rates.
He said that the government’s aim is not just temporary stability but to establish a strong economy on a permanent basis. Improving the tax system, reforms in the energy sector and restructuring of government institutions are part of this strategy. According to the Finance Minister, bringing transparency in financial discipline is also among the government’s priorities.
He said that Pakistan is now moving towards an export-based model instead of an import-based economy. Changes have been made in the tariff structure to make industries competitive and by reducing the prices of raw materials, they are being prepared for an active role in the world market.
Senator Muhammad Aurangzeb said that no country in the world can always protect its industries. Real development is possible only when local industries are developed according to world standards and increase their share in exports. He also likened this reform process to the East Asian development model.
