Pakistan’s economy is showing signs of stabilisation with inflation on a downward trend, Finance Minister Muhammad Aurangzeb said on Saturday, crediting recent policy decisions for restoring confidence.
Speaking to traders at the Lahore Chamber of Commerce, Aurangzeb said the recent reduction in the central bank’s policy rate has played a pivotal role in promoting economic recovery.
“The economy is heading in the right direction,” he said. “We are committed to supporting industry and ensuring that investors receive all necessary facilities. The business community’s concerns must be prioritised.”
He added that industrial growth was essential for sustained economic stability, and that the government’s economic team was focused on enabling productivity through lower input costs and structural reforms.
Aurangzeb said the government was also working to ensure that the benefits of declining inflation were passed on to citizens.
“We are closely monitoring prices of essential commodities to make sure the common man feels the relief,” he said.
Federal Finance Minister also announced that 24 state-owned enterprises will be privatised, and that tax relief will be provided to salaried individuals, who he said bear a disproportionately high tax burden.
“The Prime Minister is personally leading the economic revival. You’ll soon see the results,” he said. He identified minerals and the IT sector as potential game-changers for Pakistan’s economy.
Aurangzeb said Pakistan’s copper reserves could bring benefits similar to Singapore’s nickel exports, which are worth $22 billion annually. He noted that barriers to profit repatriation for foreign investors had been removed, boosting investor confidence.
“We are making sure that the benefits of reduced inflation reach the common man,” he said. “Middlemen will not be allowed to exploit the system.”
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