Pakistan’s economy stabilising amid reforms: Aurangzeb

Government’s infrastructural reforms showing results, but more work needs to be done, says finance minister

Finance Minister Muhammad Aurangzeb has claimed that macroeconomic stability is taking root in Pakistan’s economy.

Addressing the launching ceremony of Buna-Raast connectivity project in Islamabad, he cited a reduced current account deficit, stabilised currency, and improved foreign reserves as indicators of recovery.

Aurangzeb noted that sovereign ratings had been upgraded, signalling reviving investor confidence. He added that the government’s commitment to infrastructural reforms is yielding positive results, though much remains to be done.

The finance minister highlighted a surge in remittances, with $3 billion received in July alone, reflecting growing economic confidence among overseas Pakistanis.

Aurangzeb also discussed the Buna-Raast connectivity project, emphasising its role in digitalisation. He said the initiative would enhance transparency, particularly in remittances, taxation, and the power sector, ultimately putting Pakistan on a sustainable path aligned with FATF requirements.

Dr Anita Zaidi, President of the Bill & Melinda Gates Foundation, described the project as a bridge linking the economies of Pakistan and the Arab world digitally. She said it would boost productivity, increase efficiency, and improve individuals’ lives by lowering remittance costs.