Islamabad: Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance, said that the government is committed to lowering inflation and interest rates by taking strong policy actions.
Mohammad Aurangzeb told foreign reporters in a private talk that the government wants to double the country’s exports from $30 billion to $60 billion in the next three to five years. He talked about how much progress had been made in the last 12 to 14 months to stabilise the economy. For example, foreign exchange reserves had been increased and the privatisation process had been sped up.
Mohammad Aurangzeb said, “We are committed to implementing structural reforms within state-owned enterprises to improve their efficiency and cut down on financial losses.” He said again that the government is working on a program called “right-sizing” that will help them make the best use of their resources and cut down on spending that isn’t necessary.
The finance minister says that this plan will cause the government to spend a lot less, which will bring the fiscal and current account deficits under control and move them towards balance. He said that cutting back on wasteful spending would let the government work on public service projects more.
Mohammad Aurangzeb also talked about Pakistan’s plans to increase trade in the area and emphasised the importance of the country’s role in building economic relationships. He said, “Strengthening trade ties with regional partners is crucial for growing our export base and opening up new growth opportunities.”
The finance minister ended by saying that the government is still committed to long-term economic growth. To do this, they will focus on fiscal control, trade expansion, and policies that are good for investors.
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