Islamabad: Finance Minister Muhammad Aurangzeb says that Pakistan has achieved great successes on the economic front, which is paving the way for the country’s economic stability.
Talking to Chinese media, he said that inflation has come down significantly, which has now reached single digits. Along with this, the increase in foreign exchange reserves and the reduction in the policy rate have supported the business environment.
He said that the current reserves are sufficient for the country’s two and a half months of imports, which is a sign of economic improvement.
The Finance Minister said that international financial institutions have also expressed confidence in Pakistan’s policies. Global rating agencies like Fitch, S&P and Moody’s have shown improvement in Pakistan’s credit rating.
According to him, GDP grew by 3 percent last fiscal year, and a growth target of more than 4 percent was set this year, however, some obstacles have emerged due to the recent floods.
Muhammad Aurangzeb expressed hope that a growth rate of 3.5 percent can be achieved in the current fiscal year, while development work is also progressing rapidly in the second phase of CPEC.
