Islamabad: Finance Minister Muhammad Aurangzeb has announced that Pakistan is transitioning towards economic growth following a period of financial stability. According to Radio Pakistan, the minister highlighted in a video statement that the country’s foreign exchange reserves have reached a historic high of $21.4 billion as of last week. He also noted significant progress in various economic indicators.

The fiscal deficit has decreased to 2.6 percent, marking a 22-year low. Remittances, a key component of the national economy, continue to grow robustly. Aurangzeb further reported that IT service exports were valued at $4.6 billion last year and are projected to reach $5.5 billion this year. The country’s GDP growth stood at 3.7 percent last year, with expectations to surpass 4 percent this year.

The minister also pointed out recovery in the large-scale manufacturing sector and an increase in corporate profitability. He observed a rising trend of young investors participating in the Pakistan Stock Exchange. Last year, 11 companies issued Initial Public Offerings (IPOs), with five more launched in the past two months.

Aurangzeb emphasized that Pakistan’s economic stability and growth are the results of substantial efforts and challenging decisions. However, he warned that political disruptions such as long marches, strikes, and sit-ins could hinder this progress, potentially causing a daily economic loss of 120 billion rupees. The finance minister appealed for societal resolution of issues through dialogue to sustain the nation’s economic momentum.