ISLAMABAD: Pakistan’s Finance Minister, Muhammad Aurangzeb, has projected economic growth exceeding four percent for the current fiscal year, marking a positive outlook for the country’s economy.

According to Radio Pakistan, Aurangzeb delivered these remarks at an event organized by EXIM Bank in Islamabad. He asserted that the nation is transitioning from an economic stabilization phase to one of growth, having recorded a GDP increase of approximately 3.7 percent in the previous fiscal year. He highlighted a significant achievement with the fiscal deficit reaching a 22-year low, alongside primary surpluses for the past three years and a current account surplus last year.

Aurangzeb acknowledged the challenges posed by Pakistan’s historical economic cycles, which he attributed to an over-reliance on imports. He stressed that the key hurdle is not just achieving growth but ensuring its sustainability. The government’s strategy, he noted, is centered on export-led growth to secure long-term economic stability.

The Finance Minister further stated that the government aims to utilize the available fiscal space effectively to advance the economy and promote export-led growth. He mentioned that the government’s budget offers clear direction and support for enhancing exports. Aurangzeb also advocated for the diversification of the export base and supported subsidized financing for small and medium-sized enterprises (SMEs) to bolster economic resilience.