Islamabad, At the 7th Leaders in Islamic Business Summit held today, Finance Minister Muhammad Aurangzeb discussed key economic indicators and the government’s strategies to bolster foreign direct investment and stabilize the country’s economy.
According to Ministry of Information and Broadcasting, Aurangzeb provided an update on Pakistan’s foreign exchange reserves, noting an increase from last year’s low of $3.4 billion to the current $8 billion. He projected that the reserves would reach between $9 and $10 billion by the end of this fiscal year, aided by the latest tranche from the International Monetary Fund (IMF). This improvement marks a significant recovery in the country’s financial position.
The Finance Minister also highlighted robust growth in agriculture, which is expanding by 5%, and expressed satisfaction with the performance of the stock market, which he noted is at an all-time high. These factors are drawing foreign buyers into the market, indicating growing investor confidence.
Further, Aurangzeb outlined ongoing negotiations with the IMF aimed at securing a larger and more extended program to solidify macroeconomic stability and support the implementation of structural reforms. He emphasized the government’s commitment to maintaining the current account and fiscal deficits within reasonable limits and noted a 30.2% increase in tax collection over the first nine months of the current fiscal year.
In his address, Senate Chairman Yousaf Raza Gillani stressed the importance of controlling population growth through public awareness campaigns on family planning. He also called for international support to help Pakistan address the challenges posed by climate change.