Islamabad: In a meeting today at the Finance Division, the Ambassador of Spain to Pakistan, H.E Ms. Jose A. de Ory, met with Pakistan’s Minister for Finance & Revenue, Senator Muhammad Aurangzeb, to discuss strengthening economic cooperation and the positive trajectory of Pakistan’s economy.

According to Press Information Department, the Finance Minister provided a comprehensive update on Pakistan’s economic indicators, noting significant achievements such as an increase in foreign exchange reserves to USD 9.4 billion, robust stock market performance, and a decline in inflation rates, with the Consumer Price Index (CPI) at 12.6% in June 2024. He also highlighted a 7.7% increase in foreign remittances compared to the previous year and detailed the successful conclusion of a 9-month Stand-By Arrangement (SBA) with the IMF. Senator Aurangzeb reaffirmed the government’s commitment to continuing economic reforms aimed at achieving stability through expanded tax bases, digitization of tax administration, and sectoral reforms in energy and state-owned enterprises.

The Spanish Ambassador praised Pakistan’s efforts towards achieving macroeconomic stability and expressed support for further enhancing bilateral trade, particularly through value addition in exports, which could lead to deeper collaboration between Spain and Pakistan in sectors with high value-added potential.