Islamabad, Finance Minister Muhammad Aurangzeb highlighted significant achievements in Pakistan’s economy at the launch of the Economic Survey of Pakistan 2023-24 this evening, noting a 30 percent growth in revenue collection, a reduction in the current account deficit and inflation, and overall macroeconomic stability.
According to Ministry of Information and Broadcasting, the economy saw a turnaround from a precarious situation, marked by a slight GDP contraction and severe depreciation of the rupee last year. The agriculture sector, boosted by bumper crops, played a critical role in this recovery, with the sector expected to drive growth in the coming years. The survey also noted positive growth in the industrial and services sectors.
The Finance Minister detailed successful negotiations with the International Monetary Fund, mentioning the conclusion of a Stand-By Arrangement that has bolstered international confidence in Pakistan’s economic policies. He underscored efforts to combat economic leakages and highlighted the digitalization of the Federal Board of Revenue as a key initiative.
Future plans include maintaining macroeconomic stability with expected low deficits and controlled inflation, alongside managing foreign exchange reserves that provide a two-month import cover. The government is prioritizing high-impact projects and expects continued support from international and domestic investors.