Saudi delegation’s visit spurs optimism in Pakistan’s economic outlook

ISLAMABAD: In a press conference held today, Federal Finance Minister Mohammad Aurangzeb, along with Minister for Information and Broadcasting Attaullah Tarar and Minister for Law and Justice of Pakistan Azam Nazir Tarar, spoke on the recent visit of a Saudi delegation to Pakistan.

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Finance Minister Aurangzeb expressed his satisfaction with the outcomes of the discussions with the Saudi delegation. “Saudi Arabia’s visit to Pakistan has been successful, and we have had positive discussions,” he said while highlighting the potential for bolstering economic ties between the two nations.

Speaking on the economic front, Minister Aurangzeb said, “Economic stability is on the horizon for Pakistan, and we are making strides in the right direction.” He elaborated on the improving foreign exchange reserves and announced the upcoming visit of a team from the International Monetary Fund (IMF) later this month.

He stressed the importance of infrastructure development for economic growth and spoke on the need for tax reforms and reduction in non-development expenditure to achieve sustainable progress.

Law Minister Azam Nazir Tarar echoed Aurangzeb’s sentiments on economic stability and underscored the interconnectedness of political and economic stability. “The country’s economy relies heavily on political stability,” he said, adding that recent legislative advancements, such as the passage of the Tax Law Reform Act, are pivotal in driving economic reforms forward.

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Both ministers reiterated the government’s commitment to transparency and accountability, with Tarar emphasising, “The Prime Minister’s directive to share all government actions with the public underscores our dedication to openness.”

The federal ministers assured the public of the government’s concerted efforts, with Finance Minister Aurangzeb saying, “With the support of the private sector, we will work towards enhancing the country’s economic landscape and ensuring a prosperous future for all citizens.”