Aurangzeb says Pakistan’s economy moving towards stability

KARACAHI: Finance Minister Muhammad Aurangzeb has said the private sector is leading the country’s economic growth, stressing that restoring the confidence of local investors would help boost investment.

Addressing the Pakistan Stock Exchange, the finance minister said that the government was pursuing comprehensive planning to promote investment and provide investors with all possible facilities.

“Now the issue of finance no longer remains,” Aurangzeb said, adding that banks had approved loans worth Rs340 billion.

He said Rs60 billion in loans had already been disbursed in the real estate sector, while Rs380 billion in loans had been approved under the Prime Minister’s Apna Ghar scheme.

Aurangzeb said that 24,000 new investor accounts had been opened in the stock market, although the capital and debt markets had experienced “a bit of a reverse gear”.

He said that all major economic indicators were showing a positive trend and the country’s economic direction was right, with Pakistan moving towards sustainable stability.

The minister said the government’s target was to achieve export-led economic growth and stressed the need for comprehensive reforms to strengthen the economy.

“We have to improve the country’s image by focusing on economic growth,” he said.

Aurangzeb said foreign companies were showing interest in investing in Pakistan, while investors from Türkiye and Saudi Arabia were also coming to the country.

He said the government needed to encourage local investors to increase investment in the country, adding that all possible facilities were being provided to investors.

The finance minister said the Overseas Investors Chamber of Commerce and Industry had an important role to play in increasing exports.

He also said that the Federal Board of Revenue (FBR) had achieved its September target, describing the latest developments from the tax authority as encouraging.

“Good news has also emerged from the FBR,” he said, adding that economic indicators were showing positive trends.

Aurangzeb said structural reforms were important for the economy and the government was working on artificial intelligence, IT exports and the blue economy.

He said global conditions had also affected inflation, with the inflation rate moving from single digits into double digits.

The minister said there had been no shortage of petroleum products in the country, adding that the government had ensured uninterrupted supplies.

He said the government was continuing efforts to attract investment and strengthen the foundations for sustainable economic growth.